Financial Maths

What is a Salary?

• An employee is paid a fixed amount to do a job, regardless of how long it takes.

• An employee is paid a fixed rate per hour.

• Any hours over the 38 hour working week.

• People who earn over $18200 must pay a percentage of their earnings.

What is a wage?

• An employee is paid a fixed amount to do a job regardless of how long it takes.

• An employee is paid a fixed rate per hour.

• Any hours over the 38 hour working week.

• People who earn over $18200 must pay a percentage of their earnings.

What is overtime?

• An employee is paid a fixed amount to do a job regardless of how long it takes.

• An employee is paid a fixed rate per hour.

• Any hours over the 38 hour working week.

• People who earn over $18200 must pay a percentage of their earnings.

What is tax?

• An employee is paid a fixed amount to do a job regardless of how long it takes.

• An employee is paid a fixed rate per hour.

• Any hours over the 38 hour working week.

• People who earn over $18200 must pay a percentage of their earnings.

The Simple Interest Formula is:

The Compound Interest Formula is:

What does P, R, T, and n stand for?

• Pre-interest total, Rate as %, Time in years, Number of periods

• Principal, Rate as a decimal, Time, Number of years

• Principal, Rate as %, Time in years, Number of months

• Principal, Rate as %, Time in years, Number of periods

Johann has an annualy salaray of $57,482. Calculate how much he is paid fortnightly.

Phil works at a chicken shop. He is paid $13.21 per hour Mon-Sat and $19.82 on Sundays. Phil worked 5pm-9pm on Thursday, 4pm-10pm on Friday, and 9am-3pm on Sunday. What was Phil's wage for the week?

Alice works as a barista and earns $18.40 per hour. Last week, she worked 25 hours ar her normal rate, 4 hours at time and a half, and 5 hours at double time. What was her total wage?