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Financial Maths: Quiz 3 - Answers

Financial Maths: Quiz 3 - Answers

**Part A**

1)

a) £15

b) £40

c) £90

d) £115

2)

a) £16

b) £72

c) £64

d) £152

3)

a) £9

b) £153

4) £49.60

**Part B**

1)

a) £10.35

b) £80.33

2)

a) £10.80

b) £333.18

3) Normal rate of pay = £9

Overtime rate of pay = £13.50

4) £867.50

**Working**

**Questions**

Part A

Part A

Do not use a calculator for the first 3 questions.

1) The normal rate of pay for a worker is £10. If they work overtime, they get paid an extra 50% for that hour worked.

a) What is the overtime pay rate?

b) How much will an individual earn if they completed a shift that is 4 hours at normal pay?

c) How much would an individual earn if they completed an 8-hour shift where 6 hours were paid at the normal rate and the other 2 hours were paid at overtime rate?

d) I worked a 10-hour shift. 7 of the hours were at normal pay and the rest of the hours were at the overtime rate of pay. How much did I earn during this 10-hour shift?

2) The normal rate of pay for a worker is £12. Whenever a worker works overtime, they get paid a third more than the normal rate of pay.

a) What is the overtime hourly rate?

b) How much would an individual earn if they worked a 6-hour shift at the normal rate of pay?

c) How much would an individual earn if they worked 4 hours of overtime?

d) How much would an individual earn if they worked a 10-hour shift where 8 of the hours were at the overtime rate of pay and the other 2 hours were at the normal rate of pay?

3) For working overtime, an individual gets paid £18. Overtime is paid at twice the rate of normal time.

a) How much is the normal rate of pay?

b) How much would an individual get for working a 12-hour shift where 7 of the hours are paid at the normal rate of the pay and the rest of the hours are paid at the overtime rate of pay?

You may use a calculator for question 4.

4) I get paid 40% extra per hour for working overtime. My overtime rate of pay is £11.20. How much would I get paid if I work a 5-hour shift where 3 of the hours are paid at the overtime rate of pay?

**Part B**

You may use a calculator for the following questions.

1) My normal rate of pay is £7.50. For working overtime, I get an additional 38% on the normal rate of pay.

a) What is the overtime rate of pay?

b) How much would I get paid if I work a 9-hour shift where half of the hours are at the normal rate of pay and the other half of the hours are at the overtime rate of pay?

2) My overtime rate of pay is 55% above my normal rate of pay. My overtime rate of pay is £16.74.

a) What is my normal rate of pay?

b) I work 20 hours at the normal rate of pay and 7 hours at the overtime rate of pay. How much do I earn in total?

3) I earn £139.50 for working 8 hours at my normal rate of pay and 5 hours at my overtime rate of pay. I get paid 50% extra for any overtime that I work. What is my normal rate of pay and what is my overtime rate of pay?

4) I earn £512.50 for working 20 hours at my normal rate of pay and 15 hours at my overtime rate of pay. For working overtime, I get paid 40% more. How much would I earn if I worked 21 hours overtime and 40 hours of normal time?