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Consumer Arithmetic Practice Problems

This document contains 7 math word problems involving percentages, discounts, interest, currency conversion, and costs. The problems cover a range of financial calculations including calculating VAT, discounts, markups, interest, currency exchange, and savings. For each problem, 4 multiple choice answers are provided and the correct answer is identified.

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Timika Ferdinand
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293 views2 pages

Consumer Arithmetic Practice Problems

This document contains 7 math word problems involving percentages, discounts, interest, currency conversion, and costs. The problems cover a range of financial calculations including calculating VAT, discounts, markups, interest, currency exchange, and savings. For each problem, 4 multiple choice answers are provided and the correct answer is identified.

Uploaded by

Timika Ferdinand
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd

1. A store charges 6% VAT on all sales.

What is the total cost of


a shirt marked at $30?

6 / 100 * 30 = 9 / 5
9 / 5 = 1.8
30 + 1.8 = 31.80

(A) $28.20
(B) $31.80
(C) $33.84
(D) $36.00

2. Jake buys a shirt marked at $80. He receives a 10 per cent


discount. How much does he pay for the shirt?

10 / 100 * 80 = 8
80 – 8 = 72

(A) $54
(B) $70
(C) $72
(D) $74

3. The cost price of an article is $40 and the profit is 20 per cent
of the cost price. What is the selling price of the article?
20 / 100 * 40 = 8
40 + 8 = 48

(A) $40.20
(B) $48.00
(C) $50.00
(D) $60.00
4. After a 10% discount, an article is sold for $360. The price
before the discount was
10 / 100 * 400 = 40
400 – 40 = 360
(A) $ 36
(B) $324
(C) $392
(D) $400
5. The marked price of a stove was $520. A worker bought the
stove on hire-purchase by making a down payment of $100,
and twelve-monthly payments of $40 each. How much could
she have saved if she had bought the stove for the marked
price?
40 * 12 = 480
480 + 100 = 580
580 – 520 = 60
(A) $ 40
(B) $ 60
(C) $100
(D) $140
6. If US$1.00 is equivalent to EC$2.68, how much in US$
would one get for EC$100?
100 / 2.68 = 37. 31
(A) $ 26.80
(B) $ 37.31
(C) $268.00
(D) $373.10
7. The simple interest on $160 for 6 months at 5% per annum is
P * r * t = 5/ 100 = 0.05 6 / 12 = 0.5
160 (1 + (0.05 * 0.5) =164
164 – 160 = 4
(A) $ 4
(B) $ 8
(C) $16
(D) $48

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