O-LevelMathematicsNumber4024/22 · Oct/Nov 2020 · Q111 Marks

The cash price of a car is $13000. Marta pays in instalments for this car. Marta pays a deposit of 15% of the cash price. She then pays 24 monthly instalments of $500. Calculate the total amount Marta pays for the car.

(a)The cash price of a car is $13000. Marta pays in instalments for this car. Marta pays a deposit of 15% of the cash price. She then pays 24 monthly instalments of $500. Calculate the total amount Marta pays for the car.[3]
(b)The price of a phone is reduced by 12% in a sale. The sale price of the phone is $286. Calculate the price of the phone before the sale.[2]
(c)The exchange rate between dollars ($) and pounds (£) is $1 = £0.71 . The exchange rate between euros (€) and pounds (£) is €1 = £0.87 . Calculate the exchange rate between dollars and euros. Give your answer correct to 2 decimal places. $1 = €[2]
(d)Samuel invests $1500 in an account paying 1.9% per year compound interest. Nina invests $1500 in an account paying 1.9% per year simple interest. They each leave the money in their account for 5 years. At the end of 5 years, how much more money does Samuel have in his account than Nina has in hers?[4]

Mark scheme

Marking points from the official mark scheme (Oct/Nov 2020). The mark or mark type is shown in brackets.

[3] M1 for 13 000 × 0.15 oe; M1 for 24 × 500 oe; Final answer 13 950.
[2] M1 for (100-12)/100 * x = 286 soi; Final answer 325.
[2] B1 for answer 0.81[6...]; or M1 for 0.71 / 0.87 oe; Final answer 0.82.
[4] M2 for Samuel's amount: 1500 × (1 + 1.9/100)^5 oe; (M1 for 1500 × (1 + 1.9/100)^k oe where k > 1); M1 for Nina's amount: 1500 × 1.9 × 5 / 100 + 1500 oe; Final difference 5.51 or 5.52.

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