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24-Aug-14Compiled by Mr. Lafferty Maths Dept. Money www.mathsrevision.com Simple Interest Simple Bills & VAT Electricity Bills National 4 NUM 1.2

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24-Aug-14Compiled by Mr. Lafferty Maths Dept. Starter Questions www.mathsrevision.com National 4 NUM 1.2

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24-Aug-14Compiled by Mr. Lafferty Maths Dept. www.mathsrevision.com Learning Intention Success Criteria 1.To understand the term simple interest. 1.To explain what the term simple interest means and how to calculate it. 2.Calculate simply interest. Simple Interest National 4 NUM 1.2

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Are there other places to put your money? Why put your money in a bank? 24-Aug-14Compiled by Mr. Lafferty Maths Dept. Money www.mathsrevision.com St Ninian’s Savings Bank What type of accounts can you get? Current account Savings account High Interest account Supersaver account Building Society Premium Bonds Interest p.a. (per annum)

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www.mathsrevision.com Simple Interest Just working out percentages www.mathsrevision.com Simple Interest I have £400 in the Bank. At the end of each year I receive 7% of £400 in interest. How much interest do I receive after 1 years? How much do I now have? created by Mr. Lafferty @ www.mathsrevision.comSunday, August 24, 2014Sunday, August 24, 2014Sunday, August 24, 2014Sunday, August 24, 2014 National 4 NUM 1.2

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www.mathsrevision.com Simple Interest Just working out percentages www.mathsrevision.com Simple Interest I have £1200 in the Bank. I receive 10% p.a. in interest. How much interest do I receive if I take my money out after 3 months. created by Mr. Lafferty @ www.mathsrevision.comSunday, August 24, 2014Sunday, August 24, 2014Sunday, August 24, 2014Sunday, August 24, 2014 National 4 NUM 1.2

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www.mathsrevision.com Simple Interest Just working out percentages www.mathsrevision.com Simple Interest Stuart invested £4000 in the building Society with an interest rate of 5% p.a. How much does he have after 5 years? created by Mr. Lafferty @ www.mathsrevision.comSunday, August 24, 2014Sunday, August 24, 2014Sunday, August 24, 2014Sunday, August 24, 2014 National 4 NUM 1.2

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www.mathsrevision.com 24-Aug-14Compiled by Mr. Lafferty Maths Dept. Now try Ex 1 Ch8 (page 91) www.mathsrevision.com Simple Interest National 4 NUM 1.2

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24-Aug-14Compiled by Mr. Lafferty Maths Dept. Starter Questions www.mathsrevision.com National 4 NUM 1.2

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24-Aug-14Compiled by Mr. Lafferty Maths Dept. www.mathsrevision.com Learning Intention Success Criteria 1.Understand the term VAT. 1.To explain how to calculate simple bills that include VAT. 2.Calculate simple bills that include VAT. Simple Bills & VAT National 4 NUM 1.2

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www.mathsrevision.com Simple Bills & VAT Created by Mr. Lafferty Maths Dept www.mathsrevision.com 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 Going up to 20% National 4 NUM 1.2

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24-Aug-14Created by Mr.Lafferty Maths Dept www.mathsrevision.com Money Problems National 4 NUM 1.2

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24-Aug-14Created by Mr.Lafferty Maths Dept www.mathsrevision.com Money Problems 072 144 320 56 1 3 National 4 NUM 1.2

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24-Aug-14Created by Mr.Lafferty Maths Dept www.mathsrevision.com Money Problems 144 045 076 256 1 1 National 4 NUM 1.2

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24-Aug-14Created by Mr.Lafferty Maths Dept www.mathsrevision.com Money Problems Example : Copy and complete the garage bill. A tax added by Government 7850 5350 2310 11 = 17.5 ÷ 100 x 132 = £23.45 50151 20031 1 National 4 NUM 1.2

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24-Aug-14Created by Mr.Lafferty Maths Dept www.mathsrevision.com Money Problems Example : Copy and complete the garage bill. A tax added by Government 3595 2575 1080 11 = 17.5 ÷ 100 x 61.70 = £10.80 ( to nearest pence) 2057 1076 1 1 National 4 NUM 1.2

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www.mathsrevision.com 24-Aug-14Compiled by Mr. Lafferty Maths Dept. Now try Ex2 Ch8 (page 94) Simple Bills & VAT National 4 NUM 1.2

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24-Aug-14Compiled by Mr. Lafferty Maths Dept. Starter Questions Starter Questions www.mathsrevision.com National 4 NUM 1.2

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24-Aug-14Compiled by Mr. Lafferty Maths Dept. www.mathsrevision.com Learning Intention Success Criteria 1.Understand how a electricity bill is created. 1.To explain how an electricity bill is created. 2.Be able to calculate simple electricity bills. Electricity Bills National 4 NUM 1.2

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24-Aug-14Compiled by Mr. Lafferty Maths Dept. www.mathsrevision.com Electricity Bills 3567 3277 290290 13.539 15 = 8 ÷ 100 x 39.15 = £3.13 (to nearest pence) 3 13 8 1 224 National 4 NUM 1.2

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798 24-Aug-14Compiled by Mr. Lafferty Maths Dept. www.mathsrevision.com Electricity Bills 08219 07421 798 14.2112 52 = 8 ÷ 100 x 112.52 = £9.00 (to nearest pence) 9 00 2 1 5121 National 4 NUM 1.2

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24-Aug-14Compiled by Mr. Lafferty Maths Dept. Now try Exercise 3 Ch8 (page 96) www.mathsrevision.com Electricity Bills National 4 NUM 1.2

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