Welcome to the next section to prepare you for your assessments. In the Learning Checkpoint you will be completing a range of questions based on the topics you have explored in this module. You are permitted to use a calculator to help you with these tasks.
For the following mathematical questions, please ensure that you add all comma's and dots to complete the equation properly for the correct answer.
ABC Company purchased inventory on credit costing $90,000. The vendor's terms offered a 4% discount on payment of any part of the invoice paid within 10 days. ABC Company made a cash payment of $48,000 within the 10 days.
The question says that a $48,000 cash payment was made within the 10 days, so the amount paid is after applying the 4% discount. Therefore, $48,000 is 96% of that amount. $48,000/.96 = $50,000 of the invoice was paid. $50,000 - $48,000 =$2,000. This means a $2,000 discount was obtained by paying the $48,000. The balance owing is $90,000 - $50,000 = $40,000.
Step 1: Complete the calculation inside the brackets first (4 x 5²) 5²= 25 4 x 25 = 100 The calculation becomes 3 x 100 / 6 + 7 – 8 = ?
Step 2: Division and Multiplication In this calculation we have both division and multiplication, so we complete the calculation left to right. 3 x 100 = 300 300 / 6 = 50 The calculation becomes 50 + 7 – 8 = ?
Step 3: Addition and Subtraction In this calculation we have both Addition and Subtraction, so we complete the calculation left to right. 50 + 7 = 57 57 – 8 = 49 Therefore, the answer to this calculation is 49.
Peter Doolittle runs a pet grooming business and offers the following services. He is considering increasing his prices. Calculate the amount of GST Peter will need to charge for each of the services and the total cost of the service if he increases his prices.
Peter received the following invoices from his suppliers. Calculate the amount of GST included in each of the invoices rounded to 2 decimal places.
Use the formula i = prt, i is the interest earned, p is the principal (starting amount), r is the interest rate expressed as a decimal, t is the time in years. Write the interest rate as a decimal 1.5% = 0.015.
Calculate the interest earned $60,000 x 0.0125 x 5 = i $3,750 = i.
Find the total amount by adding the interest to the principal $3,750 + $60,000 = $63,750.
The amount Craig will have in his savings account in five (5) years will be $63,750
For the next section, please click on the links below to access some repayment calculators.
You have a $380,000 loan over 20 years repaying both principal and interest at an interest rate of 2.19% p.a 3 year Fixed Rate Home Loan.
Joanne Moore was approved for a loan for $4,750 at an annual interest rate of 11.5% for five years. Note: Some online calculators have minimum borrowings of $10,000.
Excel workbook tasks
The next Learning Checkpoint tasks will need to be completed by opening the Excel document link below.
Learning Checkpoint - Excel Workbook
Learning Checkpoint - Excel Answer Workbook
