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Chapter 9 Time & Money

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Learning Objectives Convert 12-hr clock to 24-hr clock Convert 24-hr clock to 12-hr clock Work out differences between 2 times Read a train/bus timetable Answer questions based on timetables Work out basic wages Work out commission Calculate income tax Work with credit problems Calculate best-buy problems Calculate household bills Calculate insurance premiums Calculate VAT Do reverse VAT problems Calculate simple interest Calculate compound interest Work with foreign exchange

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12-Hr & 24-Hr Clock 12 Hr Clock –Before midday must use am –After midday must use pm –egs 6.50am 9.30pm 24 Hr Clock –Must NOT use am or pm –Must have 4 figures –After midday hours are 13 to 23 –Egs 08.00

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Converting Between 12-Hr & 24- HR 12 Hr – 24 Hr If before midday make sure you have 4 digits If after midday add 12 to the hours 10.30am 10.10pm 6.50am 24Hr – 12 Hr If before midday put am and remove 0 if necessary If after midday put pm and subtract 12 0930 1750 1045

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Examples 1. A video is set to record between 1120 and How long is it set for? 2. A train left at 9.20am and arrived at 2.05pm. How long was the journey?

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Wages Basic Pay = Number of Hours×Hourly Rate Overtime at double time = × 2 Overtime at time and a half = × 1.5 Examples 1. A mechanic is paid £4.20 per hour for a basic 40 hour week. In one week he works for 48 hours. Overtime is paid at time and a half. How much does he earn that week?

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Commission Commission is an incentive to make people work harder. It is usually a certain percentage of what the person sells. It is added on to their basic wage Example An estate agent is paid a salary of £11000 plus 0.5% on the sales of all houses. One year he sells houses worth £ How much did he earn that year?

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Income Tax Gross Pay = pay before tax/ deductions Net Pay = take home pay Everyone has a tax allowance (this is a amount you are allowed to earn without paying tax) Taxable income = gross income – tax allowance (this is what you are taxed on)

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Income Tax Examples (1) George earns £5800 per year. His tax allowance is £4385 per year and he pays 10p in the £ on his taxable income. How much tax does he earn?

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(2) Alex has an annual salary of £ Her tax allowance is £4385 per year. She pays tax at 10p in the £ on the 1 st £1500 of her taxable income, 22p in the £ on the next £26500 and 40p in the £ on the remainder. She is paid monthly. How much tax does she pay each month?

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Spending Credit = deposit + instalments This lets you but something now and pay for it later Example A caravan costs £6450. It can be bought on credit for a deposit of 23% and 36 monthly instalments of £150. How much more is paid for the caravan when it is bought on credit?

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More Spending 2. Hamish buys 1kg of pears and 2kg of apples for £2.73. If pears cost 89p per kg, how much per kg are apples?

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Spending Best Buys Example Jam is available in 2 sizes small 250g 58p large 454g £1.06 Which is better value for money?

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Household Bills Normal bill = Standing Charge + Number of Units×Cost of Units Examples (1)Sarah uses 1782 units of electricity at 6.16p per unit in a quarter. The quarterly charge is £ How much is her bill?

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(2) Mr Smith’s house is valued at £ and its contents are valued at £ Using the table below, how much is his annual insurance premium? Building & Contents Insurance Annual Premium for each £1000 insured BuildingsContents £1.50 Minimum £20 p.a. £5.00

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Value Added Tax VAT is usually 17.5% on goods VAT is usually 5% on gas & electricity bills Examples (1) A restaurant bill is £24 + VAT at 17.5%. What is the total bill?

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(2) An electricity bill is £49.14 including VAT at 5%. How much VAT is paid?

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Savings Simple Interest Interest calculate for 1 year and then multiplied for the number of years required Example (1) Find the simple interest at 3.2% paid on £600 invested for (a) 3 years (b) 9 months?

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Savings Compound Interest – interest is calculated each year and added on to the balance Example (2) Find the compound interest at 3.2% paid on £600 invested for 3 years

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Foreign Exchange Change into foreign money × Change back from foreign money ÷ Examples 1. If £1 buys krone. How much is 500 krone worth? 2. If £1 buys 1.55 euros. How much would £75 buy?

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