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# Percentages & Simple Interest

## Presentation on theme: "Percentages & Simple Interest"— Presentation transcript:

Percentages & Simple Interest
% Sample Questions & Solutions

Percentages Find 32% €180 = x 32 = €57.60
Or by calculator = 180 x 32(2nd f)% = 57.6 180 100

Percentages A hardwood flooring supplier dropped his price for 125mm solid oak flooring from €48.50 per m² to €43 per m² Calculate the % reduction in cost to 2 decimal places 48.50 – 43 = €5.50 decrease (change) x 100 = 11.34% 5.5 48.5

Percentages A sample of timber has an un-dried weight of 30kg. Its dry weight is 24kg. Calculate the % Moisture Content (MC) MC = x 100 MC = x 100 MC = x 100 MC = 25% Answer wet weight – dry weight dry weight 24 6 24

Percentages A carpenters gross wage is €450 p/w. He/she has tax credits worth €238 p/w. Calculate his/her net wage if the following deductions are made. Union €3.40 (tax free) VHI €7.60 (tax free) Tax 21% PRSI €3.95 Gross income = €450 – €238 – €3.40 – €7.60 = €201 Taxable income = €201 21% = €42.21 (Tax) Gross – Deductions = 450 – ( ) Net Wage = 450 – = €392.84 Tax credits Union VHI

Percentages A roofing job is estimated at €6,200. A breakdown of the costs are shown below. Calculate the percentage of each element. Element Cost Materials €2,900 Labour €2,700 Scaffolding €600 Answer 2900 ÷ 6200 x 100 = 46.77% 2700 ÷ 6200 x 100 = 43.54% 600 ÷ 6200 x 100 = 9.67%

Percentages A sub-contractor purchases his materials at the local hardware with a discount of 12%. If the total cost of his last contract was €1,390 and he spent 30% on materials, what was the amount of money he saved with discount. x 30 = 417 So €417 = total paid for materials 100% - 12%(discount) = 88% so 417 = 88% of cost 417 ÷ 88 (%) = 4.74 4.74 x 12 (% discount) = 56.86 = €56.86 (total saving made with materials discount) 1,390 100

Percentages A builder wishes to purchase 15 €120 each, V.A.T must be 21%, however, he receives a discount of 10%. How much does the builder pay in total ? 15 x 120 = €1800 21% of 1800 = 378 = €2,178 - 10% = €217.80 2,178 – 217.8 = €1, Answer

Simple Interest Calculate the interest paid on a loan of €26,000 over a 5 year term at 8% Formula for Simple Interest (Rate.(in decimals) x Initial amount)term = (.08 x 26,000)5 = €10,400 Answer

Profit & Loss A building contractor completed a project worth €280,000. He was left with a profit of €35,000 after all costs 7 overheads were paid Calculate the percentage of profit that he made Formula: % = x 100 x 100 = 12.5% Number Total 35,000 280,000

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