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0580/31 May/Jun 2023, Question 5: Simple Interest

Cambridge IGCSE Mathematics 0580 · Paper 31 (Core) · Calculator · 12 marks

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The question, in short

Antonio buys a restaurant for $240 000, which is 5/8 of his available money. Work through the remaining money, ratio-based expenses, simple interest on a loan, and a percentage increase in customers.

Summarised in our own words. Use the official paper for the exact wording and any diagrams.

Part (a) · 2 marks

Show that $144 000 remains after the $240 000 purchase.

  1. 15/8 of the total = 240 000, so 1/8 = 240 000 ÷ 5 = 48 000
  2. 2Total = 48 000 × 8 = 384 000
  3. 3Left = 384 000 − 240 000 = $144 000

AnswerCorrect working leading to 144 000

Part (bia) · 2 marks

Using the ratio 9 : 5 : 8 and wages of $45 000, find the amount spent on equipment.

  1. 11 part = 45 000 ÷ 9 = 5000
  2. 2Equipment = 5 × 5000 = $25000

Answer25000

Part (bib) · 1 mark

Using the same ratio and wages of $45 000, find the amount spent on supplies.

  1. 1Wages are 9 parts = 45 000, so 1 part = 45 000 ÷ 9 = 5000
  2. 2Supplies are 8 parts = 8 × 5000 = 40000

Answer40000

Part (bii) · 2 marks

Work out how much money Antonio has left after paying these expenses.

  1. 1Expenses = 45 000 + 25 000 + 40 000 = 110 000
  2. 2Left = 144 000 − 110 000 = $34000

Answer34000

Part (c) · 3 marks

Calculate the total repayment on a $25 400 loan over 6 years at 5% per year simple interest.

  1. 1Interest = 25 400 × 5 × 6/100 = 7620
  2. 2Total repaid = 25 400 + 7620 = $33020

Answer33020

Part (d) · 2 marks

Calculate the percentage increase from 560 customers to 656 customers.

  1. 1Increase = 656 − 560 = 96
  2. 296/560 × 100 = 17.14…
  3. 3≈ 17.1%

Answer17.1 or 17.14…

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