Money - Class 8 Mathematics Revision Notes

Money

Worked Exercise

1. Mutiso paid sh.330 for an item after the shopkeeper gave him a 12% discount. What was the marked price of the radio?
   1. sh300
   2. sh369.60
   3. sh375
   4. sh350
      Working
      Marked price = 100%
      Discount = 12%
      S.P = 100% - 12%
      = 88%
      If 88 % = 330
      100% = ?
      ^{100 x 300}/₈₈ = Sh375
      The correct answer is C (375)
2. Olang’ borrowed sh.54000 from a bank which charged interest at the rate of 18% p.a. He repaid the whole loan after 8 months .How much did he pay back?
   1. sh6480
   2. sh60, 480
   3. sh14580
   4. sh77760
      Working
      I = ^PRT/₁₀₀
      = ^{54000 x 18 x 8}/_{100 x 12}
      = sh6480
      Amount = P + I
      = (54,000 + 6,480) shillings
      = Ksh 60, 480
      The correct answer is B
3. The cash price of a microwave is sh. 18000. The hire purchase price of the microwave is 20% more than the cash price. Bernice bought it on hire purchase terms by paying 40% of the hire purchase price as the deposit and the balance equal monthly installments of sh1620. How many installments did she pay?
   1. 12
   2. 10
   3. 9
   4. 8
      Working
      Let the cash price be 100%
      Hire purchase = 100% + 20%
      = 120% of the cash price
      = ¹²⁰/₁₀₀ x 1800
      = sh.21, 600
      Deposit = 40% of HPP
      = ⁴⁰/₁₀₀ x 21,600
      = sh.8, 640
      HPP = D + MI
      I = ^{HPP - D}/_MI
      = ^{21600 – 8640}/₁₆₂₀
   5. = 8 Months
      The correct answer is D (8)
4. Salim deposited sh25000 in a bank which paid compound interest at the rate of 10% per annum. If he withdraws all his money after years, how much interest did his money gain?
   1. sh5250
   2. sh2500
   3. sh1375
   4. sh387
      Working
      Interest for year 1
      I = ^PRT/₁₀₀
      = ^{25000 x 10 x 1}/₁₀₀
      = Sh2500
      Amount = 25000 + 2500
      = 27,500
      Interest for 2nd year
      I = ^PRT/₁₀₀
      = ^{27,500 x 10 x ½}/₁₀₀
      = Sh13775
      Total interest (2,500 + 1,375)
      = Sh3875
      The correct answer is D (Sh 3875)
5. Kamaru bought bananas in groups of 20 at sh20 per group. He grouped them into smaller groups of 5 bananas each and sold them at sh10 per group. What percentage profit did he make?
   1. 40%
   2. 50% 
   3. 60 %
   4. 70%
      Working
      For every 20 bananas = sh 25
      One group produces 4 smaller groups of 5 bananas each
      S. P = 4x 10
      = sh40
      B.P price = sh25
      Profit = 40 – 25
      = sh15
      % profit = ^P/_BP x 100
      = 60%
      The correct answer is C (60).
6. A shopkeeper bought 3 trays of eggs at sh 150 per tray. On the way to the shop, he realized 20% of the eggs were broken. He sold the rest at sh 72 per dozen. How much loss did he make?
   1. sh450
   2. sh432
   3. sh18 
   4. sh28
      Working
      B.P for 3 trays = 3 x 150
      = sh450
      Number of eggs = 3 x 30
      = 90 eggs
      20% eggs broke = ²⁰/₁₀₀ x 90
      = 18 eggs broken
      Therefore remained = (90 - 18) eggs
      = 72 eggs
      1 dozen = 12 eggs
                 ? = 72 eggs
      = 6 dozens
      1 dozen = sh.72
      6 dozens = ?
      Loss = B.P – S.P
      = 450 - 432
      sh18
      The correct answer is C (sh18)
7. A Salesperson earns a basic salary of sh7500 per month. He is also paid a 5% commission on all sales above sh30, 000. In a certain month his total earnings were sh.14250. What was his total sales for that month?
   1. sh135000
   2. sh285000
   3. sh165000
   4. sh315000
      Working
      Commission = sh14250 – sh7500
      = sh6750
      5% = sh6750
      100% = ?
      = ¹⁰⁰/₅ x 6750
      = Sh. 135,000
      Total sales = (135,000 + 30,000)
      = sh165000
      The correct answer is C (sh 165,000)
8. Shiku bought the following items from a shop
   6kg of sugar @ sh45
   ½ of tea for sh90
   3 kg of rice @ sh30
   2kg of fat @ sh70
   If she used one thousand shillings to pay for the items, what balance did she receive
   1. sh410
   2. sh455
   3. sh590
   4. sh765
      Working
      Shiku’s Bill
      

      Item	Sh	ct
      6kg sugar @ sh45	270	00
      ½ kg tea for sh90	90	00
      3kg rice @ sh30	90	00
      2kg fat @ sh70	140	00
      Total	590	00

      Total expenditure = sh590
      Balance = sh1000 – sh590
      The correct answer is = sh410 (A)
9. Maranga paid sh4, 400 for a bicycle after he was given a 12% discount. James bought the same item from a different shop and was given a 15%. How much more than James did Maranga pay for the bicycle?
   1. sh250
   2. sh300
   3. sh750
   4. sh150
      Working
      Maranga B.P = 100% - 12%
      = 88%
      ⁴⁴⁰⁰/₈₈ x 100 = sh5000
      James B.P = 100% - 15%
      = 85%
      ^{85 x 100}/₄₄₀₀ = sh4,250
      How much more? = (5000-4250) shillings
      = sh750
      The correct answer is C (750)
10. The table below shows postal charges for sending letters;
    

    Mass of letter	Sh	ct
    Up to 20g	25	00
    Over 20g up to 50g	30	00
    Over 50g up to 100g	35	00
    Over 100g up to 250g	50	00
    Over 250g up to 500g	85	00
    Over 500g up to 1kg	135	00
    Over 1kg up to 2kg	190	00

    
    Namu posted two letters each weighing 95g and another one weighing 450g. How much did he pay at the post office?
    1. sh120
    2. sh135
    3. sh155
    4. sh240
       Working
       Two letters
       95g → Sh35.00
       95g → Sh35 .00
       Another 450g → Sh85.00
       The correct answer is C (sh155)