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Unformatted text preview: Money Matters
S3 Credit S3 Credit Money www.mathsrevision.com Percentage Profit & Loss Reverse Process / Original Price VAT / Easy VAT Calculation Loans & Hire Purchase Foreign Currency Car Insurance Travel and Valuable Insurance Building & Contents & valuables Insurance Life Insurance
13 Feb 2012 Created by Mr. Lafferty Maths Dept. Starter Questions
S3 Credit S3 Credit Money Q1. Explain why 15% of 80 is 12 www.mathsrevision.com Q2. Multiply out the brackets (a) 2 6 (x 3 ) (b ) (x 4 ) ( 3 x + 5 )
Q3. Find g wh e n 7 g = 3 2 Q4. I f a = 2, b = 6, c = 3 I s t h e value o f ac 2  b 2 e q ual t o 0 , 18 o r 5 4
13 Feb 2012 Created by Mr. Lafferty Maths Dept. Profit and Loss
S3 Credit S3 Credit Money Learning Intention Success Criteria 1. To know the meaning of the terms percentage PROFIT and LOSS. 2. Apply knowledge to calculations. www.mathsrevision.com 1. To understand the terms percentage profit and loss. 13 Feb 2012 Created by Mr. Lafferty Maths Dept. Profit and Loss
S3 Credit S3 Credit Money www.mathsrevision.com Profit : When you sell something for MORE than you bought it. Loss : When you sell something for LESS than you bought it. 13 Feb 2012 Created by Mr. Lafferty Maths Dept. Profit and Loss
S3 Credit S3 Credit Money Example 1 www.mathsrevision.com 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. 10% 40% 20 10 = 2p 2p x 4 = 8p He must sell each packet for 20p + 8p = 28p
13 Feb 2012 Created by Mr. Lafferty Maths Dept. Profit and Loss
S3 Credit S3 Credit Money www.mathsrevision.com Pr o f it / lo s s % Pr o f it / Lo s s = 10 0 % Co s t Pr ic e
Example 2 An electronics shop buy TV's for 300 each and sell them to customers for 450. What percentage profit do they make on each TV. Profit = 450 300 = 150 15 0 % Pr o f it = 10 0 % = 50% 300
13 Feb 2012 Created by Mr. Lafferty Maths Dept. Profit and Loss
S3 Credit S3 Credit Money www.mathsrevision.com 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 = 300 300 % Lo s s = 10 0 % = 37.5% 800 13 Feb 2012 Created by Mr. Lafferty Maths Dept. Profit and Loss
S 3 C re d it www.mathsrevision.com Now try Ex 2.1 Ch4 (page 59) All Questions 13 Feb 2012 Created by Mr. Lafferty Maths Dept. Starter Questions
S3 Credit S3 Credit Money Q1. Round t he f ollowing t o 2 decimals places. (b) 4. 55732 (c) 3. 98111 www.mathsrevision.com (a) 3. 5647 Q2. Writ e in st andard f orm. (a) 12300 (b) 0. 0034 (c) 0. 0005 Q3.
13 Feb 2012 True or f alse 4h(h 2  2h  3) = 4h3  8h 2  h
Created by Mr. Lafferty Maths Dept. Profit and Loss
S3 Credit S3 Credit Money Learning Intention Success Criteria 1. Know the reverse process. 2. Calculate the origin price for a given item. www.mathsrevision.com 1. Explain how to use the reverse process to find the origin price. Monday, February 13, 2012 created by Mr. lafferty @ www.mathsrevision.com 10 Profit and Loss
S3 Credit Calculating Original Price Example 1 www.mathsrevision.com Original After selling a house for 88 000 and making a 10% value Are we expecting Profit. What was the original price of the house. more or less Deduce from question : Easier method We have : 100 % + 10 % = 88 000 110 % = 88 000 110 = 800 1 % 88 000 110% 88000 100% Price before is 100% 800 x 100 = 80 000 100
Monday, February 13, 2012 110 88000 = 80000 created by Mr. lafferty @ www.mathsrevision.com 11 Profit and Loss
S3 Credit Calculating Original Price Example 2 www.mathsrevision.com A car has lost 15% of it's value in a year. It is now Are we expecting valued at 2550. What was it's original price. more or less Deduce from question : Easier method We have : 100 %  15 % = 2 550 85 % = 2 550 85 = 30 85% 1 % 2 550 2550 100% Price before is 100% 30 x 100 = 3 000 100
Monday, February 13, 2012 85 2550 = 3000 created by Mr. lafferty @ www.mathsrevision.com 12 Profit and Loss
S 3 C re d it www.mathsrevision.com Now try Ex 2.2 Ch4 (page 61) All Questions 13 Feb 2012 Created by Mr. Lafferty Maths Dept. Starter Questions
S3 Credit S3 Credit Money 1. Simplf y t he rat io 57 : 19 1 of a circle 8 www.mathsrevision.com 2. 3. 4. How many degrees in an Explain why 17. 5% of 300 = 52. 50 I bought a CD f or 10 and t hen sold it on f or 12. I s my percent age prof it 2%. 13 Feb 2012 Created by Mr. Lafferty Maths Dept. VAT  17.5%
S3 Credit S3 Credit Money Learning Intention Success Criteria 1. Understand term VAT. 2. Solve VAT Problems by calculating percentages. www.mathsrevision.com 1. Explain how to calculate price +VAT. Also cost before VAT. Monday, February 13, 2012 created by Mr. lafferty @ www.mathsrevision.com 15 VAT
S3 Credit S3 Credit Money VAT means : Value added Tax To pay for NHS, bin collection, School education etc...... www.mathsrevision.com Why do we pay it ? What is the current percentage rate of VAT Created by Mr. Lafferty Maths Dept 17.5% VAT 17.5%
S3 Credit S3 Credit Money Example 1 www.mathsrevision.com How much will I pay for the computer including VAT below ? 10% 1000 10 5% half of 10% = 50 2.5% 17.5% half of 5% = 100 = 25 175 1000 + VAT Total cost is 1000 + 175 = 1175
Created by Mr. Lafferty Maths Dept VAT 17.5%
S3 Credit S3 Credit Money Example 2 www.mathsrevision.com Price of the Plasma TV is shown below is excluding VAT. What is the total price I have to pay. 10% 1300 10 5% half of 10% = 65 2.5% 17.5% half of 5% = 130 = 32.50 227.50 Total cost is 1300 + 227.50 = 1527.50
Created by Mr. Lafferty Maths Dept 1300 (excluding VAT) Profit and Loss
S 3 C re d it www.mathsrevision.com Now try Ex 3.1 Ch4 (page 63) All Questions 13 Feb 2012 Created by Mr. Lafferty Maths Dept. Starter Questions
S3 Credit S3 Credit Money Q1. True or false 2a (a c + 4ab) =2a2 2ac + 8ab www.mathsrevision.com Q2. Find the missing angle Q3. Find g wh e n 7 8 g = 9 5 Q4. I f a = 9 , b = 7 , c = 4 Find
ab  c 2
13 Feb 2012 Created by Mr. Lafferty Maths Dept. 22o Easy VAT
S3 Credit S3 Credit Money Learning Intention Success Criteria 1. Understand multiplier 1.175. 2. Understand divisor 1.175. 3. Solve VAT Problems using 1.175 www.mathsrevision.com 1. Explain how to calculate price +VAT using the simply multiplier 1.175. Also cost before VAT using divisor 1.175. Monday, February 13, 2012 created by Mr. lafferty @ www.mathsrevision.com 21 Easy VAT
S3 Credit S3 Credit Money Easy way to calculate cost including VAT www.mathsrevision.com Cost before VAT x 1.175 Reverse Process cost before VAT was added Cost including VAT Cost before VAT 1.175
Created by Mr. Lafferty Maths Dept Cost including VAT VAT 17.5%
S3 Credit S3 Credit Money Example 1 www.mathsrevision.com www.mathsrevision.com Are we expecting How much will I pay for the computer including VAT below ? more or less 10% 1000 10 = 100 5% half of 10% = 50 Easier method 2.5% half of 5% = 25 17.5% 100% 117.5%
Monday, February 13, 2012 1000 175 1000 + VAT 117.5 Total cost is 1000 + 175 = 1175 1000 = 1175 100
Created by Mr. Lafferty Maths Dept VAT 17.5%
S3 Credit S3 Credit Money Example 2 www.mathsrevision.com Are we expecting Price of the Plasma TV is shown below is excluding VAT. more or less What is the total price I have to pay. 10% 1300 10 = 130 5% half of 10% = 65 Easier method 2.5% half of 5% = 32.50 100% 1300 17.5% 227.50 117.5%
Created by Mr. Lafferty Maths Dept 1300 (excluding VAT) 117.5 Total cost is 1300 + 227.50 = 1527.50 1300 = 1527.50 100 Easy VAT
S 3 C re d it www.mathsrevision.com Now try Ex 3.2 Ch4 (page 65) Begin at Q2 13 Feb 2012 Created by Mr. Lafferty Maths Dept. Starter Questions
S3 Credit S3 Credit Money Q1. Expand out 2j (k 5g + 4jk) www.mathsrevision.com Q2. Find all the missing angles 25o Q3. Ex plain wh y m = 3 wh e n 5 5 = 13 14 m Q4. I f a = 9 , b = 7 , c = 4 Find
ab  c 2
13 Feb 2012 Created by Mr. Lafferty Maths Dept. Loans & Hire Purchase
S3 Credit S3 Credit Money Learning Intention Success Criteria 1. To know the meaning of the term HIRE PURCHASE and the term LOAN and their difference. 2. Apply knowledge to calculations. www.mathsrevision.com 1. To understand the term Hire Purchase and the term loan and their difference. 13 Feb 2012 Created by Mr. Lafferty Maths Dept. Loans & Hire Purchase
S3 Credit S3 Credit Money www.mathsrevision.com 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. Loan : Borrow money normally from Bank. Normally you pay more for the goods using these method. 13 Feb 2012 Created by Mr. Lafferty Maths Dept. Loans & Hire Purchase
S3 Credit S3 Credit Money Buying Products www.mathsrevision.com Washing Machine Cash Price 365.50 or by H.P. 75 deposit + 12 Payment 28.80 How much more do you pay by using Hire Purchase Total H.P. price = Difference in price = 13 Feb 2012 75 + 12 x 28.80 = 420.60 420.60 365.50 = 55.10 Created by Mr. Lafferty Maths Dept. S3 Credit Deposit Loans & Hire Purchase 10% of 120 S3 Credit Money 120 10 = 12 Buying Products Hoover Cash Price 120 or by H.P. 10% deposit + 12 Payment 11 How much more do you pay by using Hire Purchase Total H.P. price = Difference in price = 13 Feb 2012 www.mathsrevision.com 12 + 12 x 11 = 144 144 120 = 24 Created by Mr. Lafferty Maths Dept. Loans & Hire Purchase
S3 Credit S3 Credit Money Sean's bank offer to lend him 1499 to be paid back in 12 instalments of 134.50. www.mathsrevision.com (a) (b) What is his total repayment? How much does the bank charge him for the loan? Total Repayment = 12 x 134.50 = 1614 Charge for loan = 13 Feb 2012 1614 1499 = 115 Created by Mr. Lafferty Maths Dept. Loans & Hire Purchase
S3 Credit www.mathsrevision.com Now try Ex 4.1 Ch4 (page 67) All Questions 13 Feb 2012 Created by Mr. Lafferty Maths Dept. Starter Questions
S3 Credit S3 Credit Money Q1. Expand out (2g + 3) (w 5y + 4g) www.mathsrevision.com Q2. S o lve f o r k 2 (k + 3 ) 2 = 2 0 Q3. I f a = 1, b = 5 , c = 2 Do e s ab  c 2 e q ual 1 o r 9
13 Feb 2012 Created by Mr. Lafferty Maths Dept. Loans & Hire Purchase
S3 Credit S3 Credit Money Learning Intention Success Criteria 1. To be able to work in reverse with Loans & Hire Purchase. 2. Apply knowledge to calculations. www.mathsrevision.com 1. Working in reverse with Loans & Hire Purchase. 13 Feb 2012 Created by Mr. Lafferty Maths Dept. Loans & Hire Purchase
S3 Credit S3 Credit Money Example : www.mathsrevision.com 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. Total Instalments = Cash Price = 1% is 360 90 = 4
13 Feb 2012 70 x 6 = 420 420 60 + deposit = 360 + deposit 100% is 4 x 100 = 400
Created by Mr. Lafferty Maths Dept. 90% of cash price is 360 Loans & Hire Purchase
S3 Credit www.mathsrevision.com Now try Ex 4.2 Ch4 (page 69) All Questions Q8 & 9 hard 13 Feb 2012 Created by Mr. Lafferty Maths Dept. Starter Questions
S3 Credit S3 Credit Money Q1. Expand out (2a + 1) (a c + 4ab) www.mathsrevision.com Q2. True or false the 2 missing angles are 32o and 106o Q3. Find y 32o 1 y =10 0 5 Q4. Explain why the total cost of a DVD player is 705 if it costs 600 + VAT
13 Feb 2012 Created by Mr. Lafferty Maths Dept. Currency Exchange
S3 Credit S3 Credit Money Learning Intention Success Criteria 1. Be able to convert 's to another currency. 2. Be able to convert back to 's.
www.mathsrevision.com 1. To explain how to convert 's to another currency and vice versa. 13 Feb 2012 Created by Mr. Lafferty Maths Dept. Currency Exchange
S3 Credit S3 Credit Money The currency in most of Europe is the euro www.mathsrevision.com In America the currency is the dollar $ The exchange rate : How much you get for a 1 1 13 Feb 2012 1.4 $2 Created by Mr. Lafferty Maths Dept. Currency Exchange
S3 Credit S3 Credit Money Converting to a foreign currency www.mathsrevision.com x exchange rate Converting back to 's Foreign currency exchange rate Created by Mr. Lafferty Maths Dept Foreign currency Are we expecting more or less
S3 Credit Foreign Currency
Converting to another currency www.mathsrevision.com Easy method Exchange rate 1 = Example : How many Dollars and $ Yens will I get for 50. Euro 1.4 1 1.51 Dollar $ 1.51 50 $ 50 Yen 190 1 1.51 = $ 75.50 1.51 1 50 x 1.51 = 50 $75.50 Easy method 1 50
13 Feb 2012 Yen 1 190 Yen 190 50 50 190 50 x 190 = 9500 Yen = 9500 Yen
Created by Mr.Lafferty Maths Dept 1 Foreign Currency
S3 Credit Converting back to 's Exchange rate 1 = Euro 1.44 Dollar $ 1.50 Yen 190 www.mathsrevision.com Example : A business man returns from American with $450. Are we expecting He converts them back to 's. more or less How much will he get back ? Easy method 1.5 450
13 Feb 2012 1 450 1.5 1 = 300
Created by Mr.Lafferty Maths Dept Currency Exchange
S3 Credit www.mathsrevision.com Now try Ex 5.1 & 5.2 Ch4 (page 70) All Questions 13 Feb 2012 Created by Mr. Lafferty Maths Dept. Starter Questions
S3 Credit S3 Credit Money 1. Do e s 4 9 2 8 1 = 4 .9 2 8 1x 10 4 www.mathsrevision.com 2 . S o lve 4 + 3 (m + 7 ) = 6 1 3 . Ex pand (x +1) (x 2 + 3 x + 5 ) 4 . W r it e d o wn t h e f ac t o r s t h at af f e c t c ar ins ur anc e .
13 Feb 2012 Created by Mr. Lafferty Maths Dept Car Insurance
S3 Credit S3 Credit Money Learning Intention Success Criteria 1. Read information from a chart. 2. Calculate Car Insurance taking in Calculate various factors. www.mathsrevision.com 1. To calculate Car Insurance from a table of values taking account various factors. 13 Feb 2012 Created by Mr. Lafferty Maths Dept S3 Credit Age, What factors Postcode, married, affect the cost of Type of car Car Insurance Licence duration Table shows different values for Car Insurance for different districts and type of car. Car Insurance www.mathsrevision.com District Car Group
1 2 4 347 357 427 A 437 447 532 B 507 520 620 C 615 630 735 D 770 784 895 E 832 845 970 F 13 Feb 2012 Discount of 30 % 1 year no claims Discount of 50 % 2 years no claims.
Created by Mr.Lafferty Maths Dept Car Insurance Car
S3 Credit Car Group www.mathsrevision.com 1 2 4 347 357 427 A 437 447 532 B 507 520 620 C 615 630 735 D 770 784 895 E 832 845 970 F 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
13 Feb 2012 Created by Mr.Lafferty Maths Dept Car Insurance
S3 Credit District Car Group
1 2 4 347 357 427 A www.mathsrevision.com 437 447 532 B 507 520 620 C 615 630 735 D 770 784 895 E 832 845 970 F 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.
13 Feb 2012 Created by Mr.Lafferty Maths Dept Car Insurance Car
S3 Credit Car Group www.mathsrevision.com 1 2 4 347 357 427 A 437 447 532 B 507 520 620 C 615 630 735 D 770 784 895 E 832 845 970 F Discount of 30 % 1 year no claims Normal cost would be 620 Discount is 30% of 620
13 Feb 2012 Created by Mr.Lafferty Maths Dept 10% of 620 = 62 30% 62 x 3= 186 Total cost = 620 186 = 434 Car Insurance Car
S3 Credit District Car Group
1 2 4 347 357 427 A www.mathsrevision.com 437 447 532 B 507 520 620 C 615 630 735 D 770 784 895 E 832 845 970 F 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.
13 Feb 2012 Created by Mr.Lafferty Maths Dept Car Insurance
S3 Credit Car Group www.mathsrevision.com 1 2 4 347 357 427 A 437 447 532 B 507 520 620 C 615 630 735 D 770 784 895 E 832 845 970 F Discount of 50 % 2 year no claims Normal cost would be 784 Discount is 50% of 784
13 Feb 2012 50% of 784 = 392 Total cost = 784 392 = 392
Created by Mr.Lafferty Maths Dept Car Insurance
S 3 C re d it www.mathsrevision.com Now try Exercise 6.1 MIA Ch4 (page 75) 13 Feb 2012 Created by Mr.Lafferty Maths Dept Starter Questions
S3 Credit S3 Credit Money www.mathsrevision.com 1. W r it e in s c ie nt if ic no t a t io n 0 .0 5 3 9 2 2 . Do e s y = 16 o r 2 5 f o r t h e e q ua t io n 2 ( y + 7 ) 9 = 5 5 3 . Us ing a m ult ip lic a t io n t a b le e x p a nd ( x +1) ( 3 x + 2 ) . 4 . W r it e d o wn f a c t o r s t h a t a f f e c t t r a ve l ins ur a nc e .
13 Feb 2012 Created by Mr. Lafferty Maths Dept Travel Insurance
S3 Credit S3 Credit Money Learning Intention Success Criteria 1. Read information from a chart. 2. Calculate Travel Insurance taking in various factors. www.mathsrevision.com 1. To calculate Travel Insurance from a table of values taking account various factors. 13 Feb 2012 Created by Mr.Lafferty Maths Dept S3 Credit Age, What factors Country visiting , affect the cost of Health, Sport Travel Insurance Duration Table shows different values for Travel Insurance for different areas of the world. Travel Insurance www.mathsrevision.com No. of Days
1 3 4 6 7 9 UK 8.25 9.75 11.52 Europe 14.50 16.80 22.60 Worldwide 30.50 36.70 39.45 **** Child price 60% of adult price How much will it cost for a week in Italy
13 Feb 2012 Created by Mr.Lafferty Maths Dept 22.60 Travel Insurance
S3 Credit Table shows different values for Travel Insurance for different areas of the world. www.mathsrevision.com No. of Days
1 3 4 6 7 9 UK 8.25 9.75 11.52 Europe 14.50 16.80 22.60 Worldwide 30.50 36.70 39.45 **** Child price 60% of adult price Frances takes her 2 children to China for 1 week.
13 Feb 2012 Created by Mr.Lafferty Maths Dept Travel Insurance
S 3 C re d it www.mathsrevision.com Adult Worldwide for 7 days = 39.45 Child price is 60% of 39.45 = 23.67 Total price is 39.45 + 23.67 x 2 = 86.79 13 Feb 2012 Created by Mr.Lafferty Maths Dept Travel Insurance
S3 Credit No. of Days www.mathsrevision.com 1 3 4 6 7 9 UK 8.25 9.75 11.52 Europe 14.50 16.80 22.60 Worldwide 30.50 36.70 39.45 **** Child price 60% of adult price 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
13 Feb 2012 Created by Mr.Lafferty Maths Dept Are we expecting more or less
S 3 C re d it Travel Insurance Jack pays 100% of the adult price Son pays 60% of the adult price % 160 100 15.60 www.mathsrevision.com 100 160 15.60 = 9.75 From table maximum number of days = 6 days
13 Feb 2012 Created by Mr.Lafferty Maths Dept Travel Insurance
S 3 C re d it www.mathsrevision.com Now try Exercise 7.1 MIA Ch4 (page 77) 13 Feb 2012 Created by Mr.Lafferty Maths Dept Starter Questions
S3 Credit S3 Credit Money 1. Ex pla in wh y t h e m e a n o f 7 , 3 , 4 , 14 is 5
www.mathsrevision.com 2 . Do e s 1.5 10 1=0 .15 3 . A s t ud e nt p a y s a t r a in f a r e o f 2 4 . T h is r e p r e s e nt s 6 0 % o f t h e f ull f a r e . W h a t is t h e p r ic e o f a f ull f a r e .
13 Feb 2012 Created by Mr. Lafferty Maths Dept House & Contents & Valuables Insurance
S3 Credit S3 Credit Money Learning Intention Success Criteria 1. Why we have house building insurance. 2. Calculate the value of building insurance given the value of the house.. www.mathsrevision.com 1. To explain the how to calculate building insurance for a house. 13 Feb 2012 Created by Mr. Lafferty Maths Dept House & Contents & Roof, walls, Valuables Insurance floor etc...
S3 Credit TV, DVD, Washing You NEED to buy building insurance in case anything Machine goes wrong with your house. S3 Credit Money www.mathsrevision.com Jewellery, It is a good idea to buy content insurance in case your very expensive gifts. house gets broken into or items breakdown. It is a good idea to valuables insurance in case your house gets broken into. 13 Feb 2012 Created by Mr. Lafferty Maths Dept S3 Credit House & Contents & Valuables Insurance
Items www.mathsrevision.com Building per 1000 Contents per 1000 Valuables per 100 Charge
0.73 3.57 4.75 * Building & Contents 10% discount for each year no claims ** Maximum discount 30%
13 Feb 2012 Created by Mr.Lafferty Maths Dept Are we expecting House & Contents & Valuables more or less Insurance
S3 Credit S3 Credit Money Example 1 : How much is the House Insurance for a house valued at 40 000. www.mathsrevision.com Value Premium 1000 0.73 40000 40000 1000 0.73 = 29.20 13 Feb 2012 Created by Mr. Lafferty Maths Dept Are we expecting House & Contents & Valuables more or less Insurance
S3 Credit Money S3 Credit Example 2 : www.mathsrevision.com I decided to increase my insurance from 40 000 to 50 000 cover. How much more did it have to pay. Value Premium 1000 0.73 10000 10000 1000 0.73 = 7.30 13 Feb 2012 Created by Mr. Lafferty Maths Dept S 3 C re d it House & Contents & Valuables Insurance
Example : How much for Buildings insurance and contents insurance if a house is valued at 80 000 and contents are valued at 5 000 and no claims for 2 years. Buildings insurance : Contents insurance : www.mathsrevision.com 8 0 0 0 0 0 .7 3 = 1 0 0 0 58.40 5 0 0 0 3 .5 7 = 17.85 1 0 0 0 Total : 76.25 Discount 20% of 76.25 = 0.2 x 76.26 = 15.25
13 Feb 2012 Created by Mr. Lafferty Maths Dept Total : 61.00 S 3 C re d it House & Contents & Valuables Insurance www.mathsrevision.com Now try Exercise 8.1 Ch4 MIA (page 78) 13 Feb 2012 Created by Mr.Lafferty Maths Dept Starter Questions
S3 Credit S3 Credit Money 1. W r it e in s c ie nt if ic no t at io n 10 0 x 4 .5 www.mathsrevision.com 2 . Ex pand 5 a(m + 7 a) 9 a 3 . Us ing a m ult iplic at io n t ab le e x pand o ut (5 x +2 ) (5 x 2 ) 4 . W r it e d o wn f ac t o r s t h at af f e c t lif e ins ur anc e .
13 Feb 2012 Created by Mr. Lafferty Maths Dept Life Insurance
S3 Credit S3 Credit Money Learning Intention Success Criteria 1. Read information from a chart. 2. Calculate Life Insurance taking in various factors. www.mathsrevision.com 1. To calculate Life Insurance from a table of values taking account various factors. 13 Feb 2012 Created by Mr.Lafferty Maths Dept S3 Credit Age, What factors Male or Female, affect the cost of smoker Life Insurance or Non smoker Table shows monthly premiums. The sum assured is 10000 for the term 20 years. Age
20 25 30 Life Insurance www.mathsrevision.com Male smoker
1.25 1.36 1.48 Female smoker
1.02 1.11 1.20 Male nonsmoker
0.77 0.86 0.96 Female nonsmoker
0.57 0.66 0.75 13 Feb 2012 Created by Mr.Lafferty Maths Dept Life Insurance
S3 Credit Table shows monthly premiums. The sum assured is 10000 for the term 20 years. www.mathsrevision.com Age 20 25 30 Male smoker 1.25 1.36 1.48 Female smoker 1.02 1.11 1.20 Male nonsmoker 0.77 0.86 0.96 Female nonsmoker 0.57 0.66 0.75 Kerry is 25 years old and takes out a fixed term policy. She does not smoke. She wants to leave 150 000 to her dependants should she died. What is her monthly premium and how much will she pay over 20 years.
13 Feb 2012 Created by Mr.Lafferty Maths Dept Are we expecting more or less
S 3 C re d it Life Insurance Value Monthly 10000 0.66 150000 www.mathsrevision.com 150000 0.66 10000 = 9.90 Total paid over 20 years = 9.90 x 12 x 20 = 2376 13 Feb 2012 Created by Mr.Lafferty Maths Dept Life Insurance
S 3 C re d it www.mathsrevision.com Now try Exercise 9.1 MIA Ch4 (page 79) 13 Feb 2012 Created by Mr.Lafferty Maths Dept ...
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