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Revision. Jamie went on holiday to Germany. He exchanged £150 into Euros at a rate of 1.65 euros to the pound. How many euros did he get?. J.C. Penny - Electrician. PAYMENT DUE. 5 HOURS @ £10.50 PER HOUR MATERIALS SUB – TOTAL V.A.T. @ 17.5% TOTAL. Complete the following bill of sale.

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  1. Revision Jamie went on holiday to Germany. He exchanged £150 into Euros at a rate of 1.65 euros to the pound. How many euros did he get?

  2. J.C. Penny - Electrician PAYMENT DUE 5 HOURS @ £10.50 PER HOUR MATERIALS SUB – TOTAL V.A.T. @ 17.5% TOTAL Complete the following bill of sale. £ 52.50 £134.25 £186.75 £ 32.68 £219.43

  3. The way we normally find a percentage of a quantity is: We divide by 100 then multiply by the number of percent we need. For example, 23% of 250 If I want 23% , I can combine the 100 and 23 into one operation. I would just multiply by 0.23. Page 161 – Looking back exercise.

  4. Payslips Here is an example of a payslip. 512H £495.00 £365.00 £130.00 £45.00 £171.00 £25.00 £101.00 £324.00

  5. Page 162 Exercise 1 Page 163 Exercise 2

  6. National Insurance (N.I.) As we have previously discussed, N.I. pays for loss of earnings when you are sick, unemployed or retired.

  7. David earns a gross monthly salary of £1700. What is his N.I. contribution? Page 164 Exercise 3

  8. Income Tax Income tax pays for education, housing, defence, police, medical costs and other essential services. All adults who earn over a certain amount pay income tax. Income is earnings, interest, pensions – in fact any source of money gained. Taxable income is income earned after you have earned a certain amount. This is what the tax code on the pay slip was about. The tax is taken from your income by your employer. This system is known as P.A.Y.E.. (pay as you earn)

  9. Single Personal Allowance - £3445 p.a. Married Persons Allowance - £5165 p.a. Unless otherwise stated Tom is married and earns £320 every week. His superannuation is 5%. Calculate his weekly tax deduction.

  10. Single Personal Allowance - £3445 p.a. Married Persons Allowance - £5165 p.a. Unless otherwise stated Tom is married and earns £320 every week. His superannuation is 5%. Calculate his weekly tax deduction. Tax Due per year Weekly tax deduction

  11. Page 166 Exercise 4A Page 167 Exercise 4B

  12. Whole Life Insurance Life Insurance MONTHLY PREMIUMS PER £1000 INSURED

  13. Whole Life Insurance • How much does it cost to insure • A 25 year old male smoker for • £10 000? • (b) A 35 year old female non smoker for £15000? MONTHLY PREMIUMS PER £1000 INSURED

  14. Life Insurance The other type of life insurance is Endowment. This type of policy is over a fixed term, usually 10 or twenty years. This policy pays an agreed amount to your dependants should you die. If you survive to the end of the period then you are paid an amount ‘with profits’. This type of policy is usually associated with buying a house or a savings plan. The table for this type of policy is on page 168. It operates in the same way as a whole life policy. Page 169 Exercise 5.

  15. Compound Interest The amount you invest in a bank or building society etc is refereed to as the principal. Each year interest is added to the principal plus any interest accrued from previous years. This is called compound interest. Some banks or building societies pay interest every 6 months or even monthly.

  16. Mary invests £1000 in a building society which offers 5.5% p.a. How much will she have in 5 years? 5.5% of £1000

  17. Page 170 Exercise 6

  18. Appreciation and Depreciation Houses tend to appreciate or increase in value while cars tend to depreciate or decrease in value. Why? Jim and Jenny buy a house for £80000. In the following three years the house appreciated by 10%, 5% and 2%. How much is the house worth now?

  19. Page 171 Exercise 7

  20. APR (Annual Percentage Rate) An instant decision online makes a Halifax Personal Loan one of the fastest and simplest ways of getting a loan.

  21. 1. Easiplan – fixed term credit 10% deposit Low monthly payments 23.9% APR, fixed for the term of the loan Pay over 48 months

  22. Buy this TV for only 2.3% per month. APR is calculated when monthly interest is compounded. This sounds a bargain but is it? This is 126.87% meaning you pay an extra 26.8%

  23. Page 172 Exercise 8B

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