A revision session on reverse percentages.
• The selling figures are in! All 10,000 units have been sold at a price of £350 each (price may be different depending on
• Students must first work out their incomings for each month by looking at the selling figures. Students are informed that all sales included VAT
• Students must then complete a spreadsheet on their net incomings each month. This allows them to look at the loan repayments, the interest they pay and the loan carried forward, each month.
• Finally, students must complete a monthly balance comparing their loan carried forward each month to their total incomings so far. This should be put on a monthly balance graph, which students can then use to make predictions for the following year.
Steps to success
• Step 1: Calculate your gross and net incomings each month based on your selling figures.
• Step 2: Complete this information on a spreadsheet and add in a running net column.
• Step 3: Create a spreadsheet to keep track of your monthly repayments to the bank, the monthly interest you pay and how much you still owe the bank at the end of each month.
• Step 4: Work out your monthly balance by comparing your running net and the amount you still owe the bank.
• Step 5: Represent this on a graph.
• Students complete the attached assessment. Questions are taken from the OCR and AQA draft exam papers. A mark scheme is also attached. Students can then self-assess against the initial competence sheet. What objectives have they achieved?
Students who struggle with this task may benefit from having a suggested layout for the spreadsheet and some formulae already completed. More examples of this will follow.
Students are to look to the following year. Ask students to consider whether they continue to pay back their loan each month and still have enough to cover the staffing and marketing costs; how much do they have available to invest