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Wage RisesExample 1.
(a) The new annual wage.
(b) The new monthly wage.
Solution
(a) The new annual wage = old wage + pay rise.
= 16 152 + 2400
= £18 552 per annum.
(b) Monthly salary = annual salary 12 months
= £18 552 12 = £1546 per month
A computer operator earning £16152 per annum is given a wage rise of £2400. Calculate :
(a) The new annual wage.
(b) The new monthly wage.
Solution
(a) The new annual wage = old wage + pay rise.
= 16 152 + 2400
= £18 552 per annum.
(b) Monthly salary = annual salary 12 months
= £18 552 12 = £1546 per month
A computer operator earning £16152 per annum is given a wage rise of £2400. Calculate :
What’s in the box?
Example 2.
Solution.
Calculate Jane’s pay rise:
7 % of £18 564 = £18 564 100 x 7
= £1299.48
New wage = 18 564 + 1 299.48 = £ 19 863.48
For a weekly wage divide by 52
Weekly wage = 19 863 . 48 52 = £381.99 per week.
Jane earns £18564 per year. She is given a 7 % pay rise but is still paid weekly. What does Jane earn per week?
What’s in the box 2?
Solution.
Calculate Jane’s pay rise:
6 % of £23 564 = £23 564 100 x 6
= £1413.84
New wage = 23 564 + 1413.84 = £ 24 977.84
For a weekly wage divide by 52
Weekly wage = 24 977.84 52 = £480.34 per week.
Jane earns £23 564 per year. She is given a 6 % pay rise but is still paid weekly. What does Jane earn per week?
Commission Example 1.
Solution.
Commission = 3.5% of 45 000
= 45 000 100 x 3.5
= £1575
Total wage = basic + commission = 450 + 1575
= £ 2025
Sam is paid a basic wage of £450 a month and 3.5% commission on sales he makes. Calculate his total salary in a month when he sold £45 000 worth of goods.
Example 2.
Emily is paid a basic wage of £ 678 per month and 7.5% commission on sales she makes over the value of £20 000. Calculate her total salary in a month when she sells £47 500 worth of goods.
Solution.
Amount of sales commission is paid on = 47 500 – 20 000
= £27 500
Amount of commission = £27 500 100 x 7.5= £2062.50
Total salary = basic + commission = 678 + 2062.50
= £2740.50
Overtime & Bonuses.Example 1.
If John’s normal wage was £8.60 an hour , calculate his wage at :
(a) Double time (b) Time and a half.
Solution
(a) Double time = 2 x normal wage
= 2 x 8.60 = £17.20
(b) Time and a half = normal wage plus half as much again.
= 8.60 + 4.30 = £12.90
Example 2.
Solution.
Normal wage = 20.40 x 35 = £714
Overtime worked = 43 – 35 = 8 hours
Overtime pay = 20.40 + 10.20 = £30.60
Overtime wage = 30.60 x 8 = £244.80
Total wages = 714 + 244.80 = £958.80
Billy is paid £20.40 an hour for a 35 hour week and time and a half for any overtime he does. Calculate his wage in a week when he worked 43 hours .
Hire Purchase.
Example 1.
Solution.
H.P cost = Deposit + Monthly Payments.
Monthly Payments = 12 x 14.50 = £174
H.P price = 20 + 174 = £194
I buy a bike on Hire Purchase (H.P) for a deposit of £20 and 12 monthly payments of £14.50.Calculate the total H.P price.
Example 2.
A television costs £350 cash price. It can be bought on H.P for a deposit of 10% of the cash price and 2 years of monthly payments of £17.50. Calculate the difference between the cash price and the H.P price.
Solution
Deposit = 10% of 350 = £35
Monthly payments = 24 x 17.50 = £420
Total H.P price = 35 + 420 = £455
Difference in price = H.P – C.P = 455 - 350
= £105
Example 3.
A car with a cash price of £ 8 500 can be bought on H.P for a 15% deposit and a monthly payment of £210 for 3 years. Calculate the total H.P costs.
Solution.
Cost of deposit:
15% of 8500 = £1275
Monthly payments 3 years = 36 months.
210 x 36 = £7560
Total H.P price:
£1275 + £7560 = £8 835
Insurance Premiums.Example 1.
Solution.
£1000 worth of insurance = £2.76
£240 000 worth of insurance = 2.76 x 240
= £662.40
How much would a £240 000 house cost to ensure if the insurance company charges £2.76 per £1000 insured ?
Example 2.
Solution.
House insurance:
2.32 x 185 = £429.20
Contents insurance:
1.54 x 80 = £123.20
Total insurance costs : £429.20 + £123.20
= £552.40
How much would a house worth £185 000 with contents valued at £80 000 be to insure if the buildings premium was £2.32 per £1000 and contents premium £1.54 per £1000 ?