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0580/31 Oct/Nov 2022, Question 9: Everyday Money Problems

Cambridge IGCSE Mathematics 0580 · Paper 31 (Core) · Calculator · 6 marks

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The question, in short

Car purchase with deposit and monthly payments, then percentage loss on resale, and compound interest on an investment of $12 750 over 6 years at 1.8%.

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

Part (ai) · 2 marks

Show total paid equals $18 000 using deposit $2250 and 36 payments of $437.50.

  1. 1437.50 × 36 = 15 750
  2. 22250 + 15 750 = 18 000

Answer2250 + 437.5 × 36 = 18 000

Part (aii) · 2 marks

Find percentage loss when car sold for $13 680.

  1. 1Loss = 18 000 − 13 680 = 4320
  2. 24320 ÷ 18 000 × 100 = 24%

Answer24

Part (b) · 2 marks

Calculate value of $12 750 invested 6 years at 1.8% per year compound interest.

  1. 112 750 × (1 + 1.8/100)⁶
  2. 2= 12 750 × 1.018⁶ = 14 190.47…
  3. 3≈ $14 190.47

Answer14200 or 14190 or 14190.5 or 14190.47…

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