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

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

24-Aug-14Compiled by Mr. Lafferty Maths Dept. 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

Are there other places to put your money? Why put your money in a bank? 24-Aug-14Compiled by Mr. Lafferty Maths Dept. Money 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)

Simple Interest Just working out percentages 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. August 24, 2014Sunday, August 24, 2014Sunday, August 24, 2014Sunday, August 24, 2014 National 4 NUM 1.2

Simple Interest Just working out percentages 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. August 24, 2014Sunday, August 24, 2014Sunday, August 24, 2014Sunday, August 24, 2014 National 4 NUM 1.2

Simple Interest Just working out percentages 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. August 24, 2014Sunday, August 24, 2014Sunday, August 24, 2014Sunday, August 24, 2014 National 4 NUM 1.2

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

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

24-Aug-14Compiled by Mr. Lafferty Maths Dept. 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

Simple Bills & VAT Created by Mr. Lafferty Maths Dept 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

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

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

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

24-Aug-14Created by Mr.Lafferty Maths Dept Money Problems Example : Copy and complete the garage bill. A tax added by Government = 17.5 ÷ 100 x 132 = £ National 4 NUM 1.2

24-Aug-14Created by Mr.Lafferty Maths Dept Money Problems Example : Copy and complete the garage bill. A tax added by Government = 17.5 ÷ 100 x = £10.80 ( to nearest pence) National 4 NUM 1.2

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

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

24-Aug-14Compiled by Mr. Lafferty Maths Dept. 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

24-Aug-14Compiled by Mr. Lafferty Maths Dept. Electricity Bills = 8 ÷ 100 x = £3.13 (to nearest pence) National 4 NUM 1.2

Aug-14Compiled by Mr. Lafferty Maths Dept. Electricity Bills = 8 ÷ 100 x = £9.00 (to nearest pence) National 4 NUM 1.2

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