CSEC Mathematics – Paper 1 Practice (Finance)
1. At a bank, EC$2.70 is equivalent to US$1.00. For every US$1.00 exchanged, EC$0.10 is
deducted as an exchange fee. How much EC dollars will be received when US$80.00 is
exchanged?
(A) $208.00 (B) $216.00 (C) $208.80 (D) $224.00
2. EC$540.00 is exchanged to US dollars at a rate of EC$2.70 to US$1.00. How many US dollars is
this?
(A) $180 (B) $200 (C) $210 (D) $145
3. A loan of $4 000 is borrowed at 6% per annum simple interest for 2 years. Find the simple
interest.
(A) $240 (B) $480 (C) $600 (D) $720
4. If the simple interest on $1 500 for 3 years is $270, find the rate of interest per annum.
(A) 4% (B) 5% (C) 6% (D) 8%
5. A shirt costs $200. It is sold at a discount of 15%. What is the amount of the discount?
(A) $15 (B) $25 (C) $30 (D) $35
6. An item costing $320 is sold for $368. Find the profit as a percentage of the cost price.
(A) 10% (B) 12% (C) 15% (D) 20%
7. Land valued at $25 000 is taxed at $0.80 per $100 of value. What is the total land tax?
(A) $200 (B) $250 (C) $300 (D) $400
8. A car depreciates by 8% each year. If its value at the end of the year is $18 400, what was its
value at the beginning of the year?
(A) $20 000 (B) $19 872 (C) $18 900 (D) $21 000
9. A television marked at $2 400 is sold for $2 040. What percentage discount was given?
(A) 10% (B) 12% (C) 15% (D) 18%
10. An article is sold at a loss of $45 which represents 15% of the cost price. What was the cost
price?
(A) $270 (B) $300 (C) $315 (D) $345
11. $6 000 is invested at 5% per annum simple interest. How long will it take to earn $900 interest?
(A) 2 years (B) 3 years (C) 4 years (D) 5 years
12. A worker earns $4 per hour for the first 40 hours and double pay for overtime. If he earns $200
in total, how many overtime hours did he work?
(A) 5 (B) 8 (C) 10 (D) 12
13. An item is marked $150 more than its cost price. If the cost price is $850, what is the
percentage mark-up?
(A) 15% (B) 17.6% (C) 20% (D) 25%
14. A discount of 20% is given on an item priced at $1 250. What is the selling price?
(A) $1 000 (B) $1 050 (C) $1 100 (D) $1 200
15. If $900 amounts to $1 080 in 4 years at simple interest, find the rate of interest.
(A) 4% (B) 5% (C) 6% (D) 8%
16. A man buys an item for $720 and sells it at a profit of 12%. Find the selling price.
(A) $806.40 (B) $820.00 (C) $840.00 (D) $860.40
17. A car valued at $30 000 depreciates at 10% per year. What is its value after one year?
(A) $27 000 (B) $28 000 (C) $29 000 (D) $26 500
18. If EC$540 is exchanged to US dollars at EC$2.70 = US$1.00, how many US dollars will be
received after a fee of EC$10 is deducted?
(A) $190 (B) $196 (C) $200 (D) $210
19. A loan of $2 500 earns $375 simple interest in 3 years. What is the rate of interest per annum?
(A) 4% (B) 5% (C) 6% (D) 8%
20. A worker earns $5 per hour for regular time up to 40 hours and time-and-a-half for overtime. If
he works 44 hours, what is his total pay?
(A) $230 (B) $235 (C) $250 (D) $260