Money Arithmetic

7 Grade 7 Mathematics questions on Money Arithmetic, with worked marking schemes. 7 questions are available on this topic in full.

1. Question 1

   3 marks

   A shirt is marked Ksh 1,500. During a sale, it is sold at Ksh 1,200. Find the percentage discount.

   (3 marks)

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2. Question 2

   1 mark

   A trader made 25% profit on an item that cost Ksh 2,000. Selling price?

   A. Ksh 2,250

   B. Ksh 1,500

   C. Ksh 500

   D. Ksh 2,500

   (1 mark)

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3. Question 3

   4 marks

   Otieno deposited Ksh 80,000 in a bank at 12% p.a. compound interest. Find the amount after 2 years.

   (4 marks)

   Marking scheme

   With compound interest the second year's interest is earned on the first year's balance as well, so work year by year. Adding $12\%$ means multiplying by $1.12$. (1)

   After year $1$: $80,000\times 1.12=89,600$. (1)

   After year $2$: $89,600\times 1.12=100,352$. (1)

   The same result comes from $80,000\times (1.12{)}^2$. (1)

   Final answer: Ksh $100,352$.

4. Question 4

   1 mark

   An item costs Ksh 3,500. After 10% discount, the price is:

   A. Ksh 350

   B. Ksh 3,000

   C. Ksh 3,150

   D. Ksh 3,850

   (1 mark)

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5. Question 5

   1 mark

   Ksh 60,000 is invested at 8% p.a. simple interest for 3 years. Interest earned?

   A. Ksh 1,440

   B. Ksh 14,400

   C. Ksh 19,200

   D. Ksh 4,800

   (1 mark)

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6. Question 6

   1 mark

   A shopkeeper bought 50 oranges at Ksh 8 each and sold at Ksh 12 each. What was the profit?

   A. Ksh 100

   B. Ksh 600

   C. Ksh 200

   D. Ksh 400

   (1 mark)

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7. Question 7

   3 marks

   A shopkeeper bought a TV for Ksh 25,000 and sold it for Ksh 22,500. Find the percentage loss.

   (3 marks)

   Marking scheme

   The TV sold for less than it cost, so first find the loss: $25,000-22,500=2,500$. (1)

   Percentage loss is always measured against the buying price: $\frac{\text{loss}}{\text{buying price}}\times 100$. (1)

   $\frac{2,500}{25,000}\times 100=10$. (1)

   Final answer: a $10\%$ loss.

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