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S3 Credit - Money S3 Credit 12-Jun-14Created by Mr. Lafferty Maths Dept. Percentage Profit & Loss Reverse Process / Original Price Money Matters www.mathsrevision.com.

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Presentation on theme: "S3 Credit - Money S3 Credit 12-Jun-14Created by Mr. Lafferty Maths Dept. Percentage Profit & Loss Reverse Process / Original Price Money Matters www.mathsrevision.com."— Presentation transcript:

1 S3 Credit - Money S3 Credit 12-Jun-14Created by Mr. Lafferty Maths Dept. Percentage Profit & Loss Reverse Process / Original Price Money Matters VAT / Easy VAT Calculation Loans & Hire Purchase Foreign Currency Car Insurance Travel and Valuable Insurance Building & Contents & valuables Insurance Life Insurance

2 S3 Credit - Money S3 Credit 12-Jun-14Created by Mr. Lafferty Maths Dept. Starter Questions Q1. Explain why 15% of £80 is £12 Q3. Q2. Multiply out the brackets Q4.

3 S3 Credit - Money S3 Credit 12-Jun-14Created by Mr. Lafferty Maths Dept. Learning Intention Success Criteria 1.To know the meaning of the terms percentage PROFIT and LOSS. 1.To understand the terms percentage profit and loss. 2.Apply knowledge to calculations. Profit and Loss

4 S3 Credit - Money S3 Credit 12-Jun-14Created by Mr. Lafferty Maths Dept. Profit and Loss Profit :When you sell something for MORE than you bought it. Loss :When you sell something for LESS than you bought it.

5 S3 Credit - Money S3 Credit 12-Jun-14Created by Mr. Lafferty Maths Dept. Example 1 A shopkeeper buys crisps for 20p each. He want to make a 40% profit on every pack he sells. How much must he sell them for. Profit and Loss 10% 20 ÷ 10 = 2p 40% 2p x 4 = 8p He must sell each packet for 20p + 8p = 28p

6 S3 Credit - Money S3 Credit 12-Jun-14Created by Mr. Lafferty Maths Dept. Profit and Loss Example 2 An electronics shop buy TVs for £300 each and sell them to customers for £450. What percentage profit do they make on each TV. Profit = 450 – 300 = £150 = 50%

7 S3 Credit - Money S3 Credit 12-Jun-14Created by Mr. Lafferty Maths Dept. Profit and Loss Example 3 A travel shop buy package holidays to Spain for £800. Due to lack of demand they are forced to cut there losses and sell them for £500. What percentage loss do they make on each package. Loss = 800 – 500 = £300 = 37.5%

8 12-Jun-14Created by Mr. Lafferty Maths Dept. Now try Ex 2.1 Ch4 (page 59) All Questions Profit and Loss S3 Credit

9 S3 Credit - Money S3 Credit 12-Jun-14Created by Mr. Lafferty Maths Dept. Starter Questions

10 S3 Credit - Money S3 Credit Learning Intention Success Criteria 1.Know the reverse process. 1.Explain how to use the reverse process to find the origin price. 2. Calculate the origin price for a given item. created by Mr. Thursday, June 12, 2014Thursday, June 12, 2014Thursday, June 12, 2014Thursday, June 12, Profit and Loss

11 Example 1 After selling a house for £ and making a 10% Profit. What was the original price of the house. Price before is 100% £800 x 100 = £ % 100 % + 10 % = £88 000Deduce from question : 110 % = £88 000We have : created by Mr. Thursday, June 12, 2014Thursday, June 12, 2014Thursday, June 12, 2014Thursday, June 12, Profit and Loss Calculating Original Price Original value S3 Credit Easier method 110% % Are we expecting more or less

12 Example 2 A car has lost 15% of its value in a year. It is now valued at £2550. What was its original price. Price before is 100% £30 x 100 = £ % 100 % - 15 % = £2 550Deduce from question : 85 % = £2 550We have : created by Mr. Thursday, June 12, 2014Thursday, June 12, 2014Thursday, June 12, 2014Thursday, June 12, Profit and Loss Calculating Original Price S3 Credit created by Mr. Thursday, June 12, 2014Thursday, June 12, 2014Thursday, June 12, 2014Thursday, June 12, 2014 Easier method 85% % Are we expecting more or less

13 12-Jun-14Created by Mr. Lafferty Maths Dept. Now try Ex 2.2 Ch4 (page 61) All Questions Profit and Loss S3 Credit

14 S3 Credit - Money S3 Credit 12-Jun-14Created by Mr. Lafferty Maths Dept. Starter Questions Starter Questions

15 S3 Credit - Money S3 Credit Learning Intention Success Criteria 1.Understand term VAT. 1.Explain how to calculate price +VAT. Also cost before VAT. created by Mr. Thursday, June 12, 2014Thursday, June 12, 2014Thursday, June 12, 2014Thursday, June 12, VAT % 2.Solve VAT Problems by calculating percentages.

16 S3 Credit - Money S3 Credit Created by Mr. Lafferty Maths Dept VAT Value added Tax Why do we pay it ? VAT means : To pay for NHS, bin collection, School education etc…… 17.5% What is the current percentage rate of VAT

17 S3 Credit - Money S3 Credit Created by Mr. Lafferty Maths Dept VAT – 17.5% Example 1 How much will I pay for the computer including VAT below ? £ VAT 10% 1000 ÷ 10 = £100 5% half of 10%= £ % half of 5%= £ %£175 Total cost is £ £175 = £1175

18 S3 Credit - Money S3 Credit Created by Mr. Lafferty Maths Dept VAT – 17.5% Example 2 Price of the Plasma TV is shown below is excluding VAT. What is the total price I have to pay. £1300 (excluding VAT) 10% 1300 ÷ 10 = £130 5% half of 10%= £ % half of 5%= £ %£ Total cost is £ £ = £

19 12-Jun-14Created by Mr. Lafferty Maths Dept. Now try Ex 3.1 Ch4 (page 63) All Questions Profit and Loss S3 Credit

20 S3 Credit - Money S3 Credit 12-Jun-14Created by Mr. Lafferty Maths Dept. Starter Questions Q1. True or false 2a (a – c + 4ab) =2a 2 -2ac + 8ab Q3. Q2. Find the missing angle Q o

21 S3 Credit - Money S3 Credit Learning Intention Success Criteria 1.Understand multiplier Explain how to calculate price +VAT using the simply multiplier Also cost before VAT using divisor Understand divisor created by Mr. Thursday, June 12, 2014Thursday, June 12, 2014Thursday, June 12, 2014Thursday, June 12, Easy VAT 3.Solve VAT Problems using 1.175

22 S3 Credit - Money S3 Credit Created by Mr. Lafferty Maths Dept Easy VAT Easy way to calculate cost including VAT Cost before VAT x Cost including VAT Cost before VAT ÷ Cost including VAT Reverse Process cost before VAT was added

23 S3 Credit - Money S3 Credit Created by Mr. Lafferty Maths Dept VAT – 17.5% Example 1 How much will I pay for the computer including VAT below ? £ VAT 10% 1000 ÷ 10 = £100 5% half of 10%= £ % half of 5%= £ %£175 Total cost is £ £175 = £1175 Thursday, June 12, 2014Thursday, June 12, 2014Thursday, June 12, 2014Thursday, June 12, 2014 Easier method 100% % Are we expecting more or less

24 S3 Credit - Money S3 Credit Created by Mr. Lafferty Maths Dept VAT – 17.5% Example 2 Price of the Plasma TV is shown below is excluding VAT. What is the total price I have to pay. £1300 (excluding VAT) 10% 1300 ÷ 10 = £130 5% half of 10%= £ % half of 5%= £ %£ Total cost is £ £ = £ Easier method 100% % Are we expecting more or less

25 12-Jun-14Created by Mr. Lafferty Maths Dept. Now try Ex 3.2 Ch4 (page 65) Begin at Q2 Easy VAT S3 Credit

26 S3 Credit - Money S3 Credit 12-Jun-14Created by Mr. Lafferty Maths Dept. Starter Questions Q1. Expand out 2j (k – 5g + 4jk) Q3. Q2. Find all the missing angles Q o

27 S3 Credit - Money S3 Credit 12-Jun-14Created by Mr. Lafferty Maths Dept. Learning Intention Success Criteria 1.To know the meaning of the term HIRE PURCHASE and the term LOAN and their difference. 1.To understand the term Hire Purchase and the term loan and their difference. 2.Apply knowledge to calculations. Loans & Hire Purchase

28 S3 Credit - Money S3 Credit 12-Jun-14Created by Mr. Lafferty Maths Dept. Hire Purchase :When you pay for goods by putting down a deposit and then paying the rest up in small fixed payments over a period of time. Normally you pay more for the goods using these method. Loans & Hire Purchase Loan :Borrow money normally from Bank.

29 S3 Credit - Money S3 Credit 12-Jun-14Created by Mr. Lafferty Maths Dept x £28.80 = £420.60Total H.P. price = Difference in price =£ £ = £55.10 How much more do you pay by using Hire Purchase Buying Products Washing Machine Cash Price £ or by H.P. £75 deposit + 12 Payment £28.80 £75 Loans & Hire Purchase

30 S3 Credit - Money S3 Credit Loans & Hire Purchase 12-Jun-14Created by Mr. Lafferty Maths Dept x £11 = £144Total H.P. price = Difference in price =£144 - £120 = £24 How much more do you pay by using Hire Purchase Buying Products Hoover Cash Price £120 or by H.P. 10% deposit + 12 Payment £11 £12 Deposit 10% of £ ÷ 10 = £12

31 S3 Credit - Money S3 Credit 12-Jun-14Created by Mr. Lafferty Maths Dept. 12 x £ = £1614Total Repayment = Loans & Hire Purchase Charge for loan =£ £1499 = £115 Seans bank offer to lend him £1499 to be paid back in 12 instalments of £ (a) What is his total repayment? (b)How much does the bank charge him for the loan?

32 12-Jun-14Created by Mr. Lafferty Maths Dept. Now try Ex 4.1 Ch4 (page 67) All Questions Loans & Hire Purchase S3 Credit

33 S3 Credit - Money S3 Credit 12-Jun-14Created by Mr. Lafferty Maths Dept. Starter Questions Q1. Expand out (2g + 3) (w – 5y + 4g) Q2. Q3.

34 S3 Credit - Money S3 Credit 12-Jun-14Created by Mr. Lafferty Maths Dept. Learning Intention Success Criteria 1.To be able to work in reverse with Loans & Hire Purchase. 1.Working in reverse with Loans & Hire Purchase. 2.Apply knowledge to calculations. Loans & Hire Purchase

35 S3 Credit - Money S3 Credit 12-Jun-14Created by Mr. Lafferty Maths Dept. £70 x 6 = £420 Total Instalments = Loans & Hire Purchase Cash Price = £420 – 60 + deposit = £360 + deposit Example : Hannah buys a DVD player on HP. She will pay a deposit of 10% and 6 monthly payments of £70. She calculates that she will pay £60 more than the cash price. What is the cash price? The deposit is 10% of cash price. 90% of cash price is £360 1% is £360 ÷ 90 = £4100% is £4 x 100 = £400

36 12-Jun-14Created by Mr. Lafferty Maths Dept. Now try Ex 4.2 Ch4 (page 69) All Questions Q8 & 9 hard Loans & Hire Purchase S3 Credit

37 S3 Credit - Money S3 Credit 12-Jun-14Created by Mr. Lafferty Maths Dept. Starter Questions Q1. Expand out (2a + 1) (a – c + 4ab) Q3. Find y Q2. True or false the 2 missing angles are 32 o and 106 o Q4. Explain why the total cost of a DVD player is £705 if it costs £600 + VAT 32 o

38 S3 Credit - Money S3 Credit 12-Jun-14Created by Mr. Lafferty Maths Dept. Learning Intention Success Criteria 1.Be able to convert £s to another currency. 1.To explain how to convert £s to another currency and vice versa. 2.Be able to convert back to £s. Currency Exchange

39 S3 Credit - Money S3 Credit 12-Jun-14Created by Mr. Lafferty Maths Dept. The currency in most of Europe is the euro Currency Exchange The exchange rate : How much you get for a £ £ In America the currency is the dollar $ £ 1 $2

40 S3 Credit - Money S3 Credit Created by Mr. Lafferty Maths Dept Currency Exchange Converting to a foreign currency £ x exchange rate Foreign currency £ ÷ exchange rate Converting back to £s

41 12-Jun-14Created by Mr.Lafferty Maths Dept Foreign Currency Euro Dollar $ Yen190 Exchange rate £1 = Example : How many Dollars and Yens will I get for £50. £ $ x 1.51 =$75.50 £ Yen x 190 =9500 Yen Converting to another currency S3 Credit Easy method £$ Are we expecting more or less Easy method £Yen

42 12-Jun-14Created by Mr.Lafferty Maths Dept Foreign Currency Euro Dollar $ Yen190 Exchange rate £1 = Example : A business man returns from American with $450. He converts them back to £s. How much will he get back ? Converting back to £s S3 Credit Easy method £ Are we expecting more or less

43 12-Jun-14Created by Mr. Lafferty Maths Dept. Now try Ex 5.1 & 5.2 Ch4 (page 70) All Questions Currency Exchange S3 Credit

44 S3 Credit - Money S3 Credit 12-Jun-14Created by Mr. Lafferty Maths Dept Starter Questions Starter Questions

45 S3 Credit - Money S3 Credit 12-Jun-14Created by Mr. Lafferty Maths Dept Learning Intention Success Criteria 1.To calculate Car Insurance from a table of values taking account various factors. 1.Read information from a chart. Car Insurance 2.Calculate Insurance taking in various factors. 2.Calculate Car Insurance taking in various factors.

46 12-Jun-14Created by Mr.Lafferty Maths Dept Insurance Car Insurance Table shows different values for Car Insurance for different districts and type of car. Car Group ABCDEF Discount of 30 % - 1 year no claims Discount of 50 % - 2 years no claims. District S3 Credit Age, Postcode, married, Type of car Licence duration What factors affect the cost of Car Insurance

47 12-Jun-14Created by Mr.Lafferty Maths Dept CarInsurance Car Insurance Car Group ABCDEF Discount of 30 % - 1 year no claims Discount of 50 % - 2 years no claims. How much will it cost for Car Insurance in District F with a car group 4. £970 S3 Credit

48 12-Jun-14Created by Mr.Lafferty Maths Dept Car Insurance Car Group ABCDEF Discount of 30 % - 1 year no claims Discount of 50 % - 2 years no claims. How much will it cost for Car Insurance in District C with a car in group 4 with 1 year no claims. District S3 Credit

49 12-Jun-14Created by Mr.Lafferty Maths Dept CarInsurance Car Insurance Car Group ABCDEF Discount of 30 % - 1 year no claims Normal cost would be £620 Discount is 30% of £620 10% of £620 = £62 30% £62 x 3= £186 Total cost = £620 - £186 = £434 S3 Credit

50 12-Jun-14Created by Mr.Lafferty Maths Dept CarInsurance Car Insurance Car Group ABCDEF Discount of 30 % - 1 year no claims Discount of 50 % - 2 years no claims. How much will it cost for Car Insurance in District E with a car in group 2 with 2 year no claims. District S3 Credit

51 12-Jun-14Created by Mr.Lafferty Maths Dept Car Insurance Car Group ABCDEF Discount of 50 % - 2 year no claims Normal cost would be £784 Discount is 50% of £784 50% of £784 = £392 Total cost = £784 - £392 = £392 S3 Credit

52 12-Jun-14Created by Mr.Lafferty Maths Dept Now try Exercise 6.1 MIA Ch4 (page 75) Car Insurance S3 Credit

53 S3 Credit - Money S3 Credit 12-Jun-14Created by Mr. Lafferty Maths Dept Starter Questions Starter Questions

54 S3 Credit - Money S3 Credit 12-Jun-14Created by Mr.Lafferty Maths Dept Learning Intention Success Criteria 1.To calculate Travel Insurance from a table of values taking account various factors. 1.Read information from a chart. Travel Insurance 2.Calculate Travel Insurance taking in various factors.

55 Table shows different values for Travel Insurance for different areas of the world. 12-Jun-14Created by Mr.Lafferty Maths Dept Travel Insurance No. of Days UK £ Europe £ Worldwide £ How much will it cost for a week in Italy S3 Credit What factors affect the cost of Travel Insurance Age, Country visiting, Health, Sport Duration £22.60 **** Child price 60% of adult price

56 Table shows different values for Travel Insurance for different areas of the world. 12-Jun-14Created by Mr.Lafferty Maths Dept Travel Insurance No. of Days UK £ Europe £ Worldwide £ Frances takes her 2 children to China for 1 week. S3 Credit **** Child price 60% of adult price

57 Adult Worldwide for 7 days = £ Jun-14Created by Mr.Lafferty Maths Dept Travel Insurance S3 Credit Child price is 60% of £39.45 = £23.67 Total price is x 2 = £86.79

58 12-Jun-14Created by Mr.Lafferty Maths Dept Travel Insurance No. of Days UK £ Europe £ Worldwide £ What is the maximum number of days that Jack and his son are insured for if they go to London and the cost of the insurance is £15.60 S3 Credit **** Child price 60% of adult price

59 Jack pays 100% of the adult price 12-Jun-14Created by Mr.Lafferty Maths Dept Travel Insurance S3 Credit Son pays 60% of the adult price From table maximum number of days = 6 days %£ Are we expecting more or less

60 12-Jun-14Created by Mr.Lafferty Maths Dept Now try Exercise 7.1 MIA Ch4 (page 77) Travel Insurance S3 Credit

61 S3 Credit - Money S3 Credit 12-Jun-14Created by Mr. Lafferty Maths Dept Starter Questions Starter Questions

62 S3 Credit - Money S3 Credit 12-Jun-14Created by Mr. Lafferty Maths Dept Learning Intention Success Criteria 2.Calculate the value of building insurance given the value of the house.. 1.To explain the how to calculate building insurance for a house. 1.Why we have house building insurance. House & Contents & Valuables Insurance

63 S3 Credit - Money S3 Credit 12-Jun-14Created by Mr. Lafferty Maths Dept You NEED to buy building insurance in case anything goes wrong with your house. House & Contents & Valuables Insurance It is a good idea to buy content insurance in case your house gets broken into or items breakdown. It is a good idea to valuables insurance in case your house gets broken into. Roof, walls, floor etc... TV, DVD, Washing Machine Jewellery, very expensive gifts.

64 12-Jun-14Created by Mr.Lafferty Maths Dept Building per £1000 £0.73 Contents per £1000 £3.57 Valuables per £100 £4.75 * Building & Contents 10% discount for each year no claims House & Contents & Valuables Insurance ** Maximum discount 30% S3 Credit

65 S3 Credit - Money S3 Credit 12-Jun-14Created by Mr. Lafferty Maths Dept Example 1 :How much is the House Insurance for a housevalued at £ House & Contents & Valuables Insurance Value Premium Are we expecting more or less

66 S3 Credit - Money S3 Credit 12-Jun-14Created by Mr. Lafferty Maths Dept Example 2 :I decided to increase my insurance from £ to £ cover. How much more did it have to pay. House & Contents & Valuables Insurance Value Premium Are we expecting more or less

67 12-Jun-14Created by Mr. Lafferty Maths Dept Example : How much for Buildings insurance and contents insurance if a house is valued at £ and contents are valued at £5 000 and no claims for 2 years. Buildings insurance : £ £58.40 Contents insurance : Total : £76.25 Discount 20% of £76.25 = 0.2 x £76.26 = £15.25 Total : £61.00 House & Contents & Valuables Insurance S3 Credit

68 12-Jun-14Created by Mr.Lafferty Maths Dept Now try Exercise 8.1 Ch4 MIA (page 78) House & Contents & Valuables Insurance S3 Credit

69 S3 Credit - Money S3 Credit 12-Jun-14Created by Mr. Lafferty Maths Dept Starter Questions Starter Questions

70 S3 Credit - Money S3 Credit 12-Jun-14Created by Mr.Lafferty Maths Dept Learning Intention Success Criteria 1.To calculate Life Insurance from a table of values taking account various factors. 1.Read information from a chart. Life Insurance 2.Calculate Life Insurance taking in various factors.

71 Table shows monthly premiums. The sum assured is £10000 for the term 20 years. 12-Jun-14Created by Mr.Lafferty Maths Dept Life Insurance Age Male smoker Female smoker Malenon-smokerFemalenon-smoker S3 Credit What factors affect the cost of Life Insurance Age, Male or Female, smoker or Non- smoker

72 Table shows monthly premiums. The sum assured is £10000 for the term 20 years. 12-Jun-14Created by Mr.Lafferty Maths Dept Life Insurance Age Male smoker Female smoker Malenon-smokerFemalenon-smoker S3 Credit Kerry is 25 years old and takes out a fixed term policy. She does not smoke. She wants to leave £ to her dependants should she died. What is her monthly premium and how much will she pay over 20 years.

73 12-Jun-14Created by Mr.Lafferty Maths Dept Life Insurance S3 Credit Total paid over 20 years = £9.90 x 12 x 20 = £2376 Value Monthly Are we expecting more or less

74 12-Jun-14Created by Mr.Lafferty Maths Dept Now try Exercise 9.1 MIA Ch4 (page 79) Life Insurance S3 Credit


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