This assessment of learning (AOL) is in the form of an assignment. It will be based on the work completed in class for Financial Mathematics.
Weighting: 20%
Total Marks: 70 marks
Financial Mathematics Syllabus Outcomes:
Laptop, internet connection, calculator, credit card statement and camera.
Helpful Websites:
You are to create a google document that answers the following questions. Attention should be paid to the marking criteria while this work is being completed.
32 Marks
a) One with no qualification required
b) One where trade qualification is required
c) One where an undergraduate degree qualification is required
Screenshots of each job application must be provided
2. Using the Payscale Salary and Career Research Centre website for each job, you must find the annual salary and calculate the fortnightly pay.
3. Using the ATO calculator, work out the annual income tax for each career.
4. Using the UAC guide find the ATAR requirement for the undergraduate course and research the total cost of the course showing evidence of your research.
5. Using the 2018-2019 Income Tax Tables work out for each career:
a) The annual income tax
b) The medicare levy
c) HECS debt for the University degree using the Study and Support Loans Calculator
6. Calculate the fortnightly PAYG tax for each job and the Net Fortnightly pay.
24 Marks
2. Assume you will be investing $10,000 for 2 years. For each term investment account, find the:
a) Minimum deposit
b) Advertised interest rate
c) Interest received
3. Calculate the interest received as a flat rate of interest for each account
4. Calculate the interest that would have been received when the advertised interest rate is compounded:
a) Annually
b) Monthly
c) Daily
14 Marks
For this section, students need to take a photo of the first page of a credit card statement. The personal details, account numbers and other identifying information should be deleted.
1. Provide a photo of the front cover of a recent credit card statement within the last 12 months
2. Identify the following from your credit card statement:
a) The Card Limit
b) The Available Credit
c) The Opening Balance
d) Payments made over the period
e) Money spent over the period
f) The Closing Balance
g) The Minimum Payment
3. Answer the following questions based on the credit card statement:
a) What percentage of the closing balance is the minimum payment?
b) How long would it take to pay off the loan if the minimum repayment was made each month?
c) How much would this cost altogether?
d) How much interest would the bank earn as a result?
e) Calculate the flat rate interest on the closing balance when only the minimum repayment was made
f) Research: how does the bank calculate the minimum repayment?
To attain full marks, students must:
Part A
Part B
Part C
The student demonstrates extensive knowledge of content and understanding of course concepts, applies highly developed skills and processes in a wide variety of contexts. In addition, the student demonstrates creative and critical thinking skills using perceptive analysis and evaluation. The student effectively communicates complex ideas and information.
The student demonstrates thorough knowledge of content and understanding of course concepts, applies well-developed knowledge and processes in a variety of contexts. In addition, the student demonstrates creative and critical thinking skills using analysis and evaluation. The student clearly communicates complex ideas and information.
The student demonstrates sound knowledge of content and understanding of course concepts, applies skills and processes in a range of familiar contexts. In addition, the student demonstrates skills in selecting and integrating information and communications relevant ideas in an appropriate manner.
The student demonstrates a basic knowledge of content and understanding of course concepts, applies skills and processes in some familiar contexts. In addition, the student demonstrates skills in selecting and using information and communicates ideas in a descriptive manner.
The student demonstrates an elementary knowledge of content and understanding of course concepts, applies some skills and processes with guidance. In addition, the student demonstrates elementary skills in recounting information and communicating ideas.
No academic response