Core maths paper 1
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Last updated 11:17 PM on 2/28/23
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4 Terms
1
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Income tax
Salary
Subtract PA 12570
Is answer > 37,700
No
\*0.2
= Annual Income tax
Yes
Subtract 37,700
\*0.4
\+(37,700\*0.2)
= Annual income tax
Subtract PA 12570
Is answer > 37,700
No
\*0.2
= Annual Income tax
Yes
Subtract 37,700
\*0.4
\+(37,700\*0.2)
= Annual income tax
2
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National insurance
Salary
> 50,270
No
Subtract 9,568
\* 0.12
= Annual NI
Yes
Subtract 50,270
\* 0.02
\+(50.270-9,568) \*0.12
= Annual NI
> 50,270
No
Subtract 9,568
\* 0.12
= Annual NI
Yes
Subtract 50,270
\* 0.02
\+(50.270-9,568) \*0.12
= Annual NI
3
New cards
Interest rate on student loan
Annual gross salary
> 27,295
No
Interest rate = 1.5%
Yes
>49,130
Yes
Interest rate = 4.5%
No
Subtract 27,295
Divide by (49,130-27,295)
\*3
\+1.5
= interest rate for that salary
> 27,295
No
Interest rate = 1.5%
Yes
>49,130
Yes
Interest rate = 4.5%
No
Subtract 27,295
Divide by (49,130-27,295)
\*3
\+1.5
= interest rate for that salary
4
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APR formular
C=A/(1+I)t1 + A2/(1+I)t2 +(1+I)tm
C= amount borrowed
A1= amount of first payment
A2= amount of second payment
Am= amount of third payment and so on
i = APR expressed as a decimal
t= time between start of loan and first payment
C= amount borrowed
A1= amount of first payment
A2= amount of second payment
Am= amount of third payment and so on
i = APR expressed as a decimal
t= time between start of loan and first payment