What Good Is Maths?. By Abigail Gannon 2A. Money, Tax and Interest. People often ask what good is Maths. Maths however is used every single day even though we don’t know it .
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People often ask what good is Maths. Maths however is used every single day even though we don’t know it .
In this section we will deal with electricity, gas and telephone bills as well as the cost of postage, holidays and insurance
Money is used every day. All around the world.
Each country uses a currency. Such as the euro, the dollar the pound.
Money can come in notes coin is and even gold bars.
The money supply of a country consists of a currency.
Money is an object that is generally accepted as a payment for goods and repayments of debts.
The history of money spans over thousands of years. Numismatics is the scientific study of money and its history is all varied forms. Many items are used as commodity money such as precious metals, jewels, shells and beads etc. As well as many other things that are thought to have value
Warfare rarely occurs without the involvement of money. Troops have to be paid, weapons and provisions bought. The effects of war also have costs both in repairsto physical damage and in damage to the economy caused by the inability of war. War also affects the way we use money. People may save their money rather than spend it, prices may rise and money is spent in emergencies
Intrest is used everyday. We use it to calculate bills, VAT and many more things.
Intrest is used to calculate electricity, mortgage bills etc. It is used to calculate borrowed money.
When money is deposited in a bank interest is typically paid to the depositor as a percentage of the amount deposited.
When money is borrowed interest is typically paid to the lender as a percentage of the amount owed. The percentage of the principal that is paid as a fee over a certain period of time typically one month or a year is called the interest rate.
Amount = principal + Interest.
Gross tax – Tax credits =Tax payable
Standard rate on all income up to the standard
rate cut off point
A higher rate on all income above
the standard rate cut off point
Tax is used to for all products and services.
Tax is used to benefit us.
There are many types of Tax
Words associated with tax are net wage, Taxable wage, tax free allowance and Gross Wage