You are working for an employer being paid a set rate of $ 20 / hour for the first 35 hours each week. (4 marks) Your pay agreement also sets out that you are to be paid:

‘time-and-a-half’ (your pay rate x 1.5) for the first 4 hours you work after 35 hours, and

‘double-time’ (your pay rate x 2) thereafter.

Presuming you work 35 hours per week for a whole financial year, calculate your gross income for that year (assume 1 year = 52 weeks).

How much will you be paid at the end of ONE week if you work for exactly 35 hours?

How much will you be paid at the end of ONE week if you work for exactly 39 hours?

How much will you be paid at the end of ONE week if you work for exactly 43 hours?

12. In that same year, you have deductions that you must subtract from your GROSS INCOME.
Calculate your taxable income for the year. (2 marks)

Deductions:

$400 for approved charity donation
$230 for union fees
$350 for uniforms

13. During the year, you have saved 15% of your taxable income. (4 marks)

How much have you saved? Answer correct to the nearest cent.

At this rate, how many years will it take you to save $8,000? Round your answer to one decimal place.

14. You want to buy a car. The bank says they will lend you $20,000 and will charge you 4% p. a. simple interest over 6 years. (6 marks)

How much interest will you be paying over the 6 years of your loan?

The price of the car is $28,000.
What will be the total cost of buying this car?

If you pay off the car in equal monthly instalments across 6 years, how much will each repayment be?
This question is asking how much money you will pay each month to pay back the bank the loan they have given you ($20,000) plus the interest you need to pay them.