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Grade 8 · Math · Unit 18 of 18

Money Planner

Exchange, interest, budgets and cards

What your child practises

Converting between currencies, comparing ways to pay, planning to save for a goal, balancing a budget, finding simple and compound interest, comparing sales and loyalty programs, and weighing credit card fees and interest.

Ontario Curriculum expectation: F1.1–F1.6 · payment methods and exchange rates, financial plans, budgets, simple and compound interest, getting value, and comparing credit cards

Sample questions

A taste of this unit. In the app, questions change every time and get easier or harder to match your child.

  1. Question 1

    A monthly budget has $3000 of income, $1000 for rent, $450 for food and $300 set aside for savings. How much is left for everything else, in dollars?

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    1250

    Hint: Subtract all the planned amounts from the income: 3000 − 1000 − 450 − 300.

  2. Question 2

    Two shirts cost $100 each. Store A: 30% off each shirt. Store B: buy one, get the second half price. Which store has the lower total for two shirts?

    • Store A
    • Store B
    • They cost the same
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    Store A

    Hint: Store A: 2 × 100 × 0.7 = 140. Store B: 100 + 50 = 150.

  3. Question 3

    Compound interest: $1200 is invested at 10% a year, compounded once a year. What is the amount after 2 years, in dollars?

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    1452

    Hint: Year 1: 1200 × 1.1 = 1320. Year 2: multiply by 1.1 again.

  4. Question 4

    A store offers a choice of paying in Canadian dollars or in the local currency. Why is it smart to compare the two?

    • Both always cost exactly the same.
    • The exchange rate and fees used can be different, which changes the final cost.
    • Local currency is always cheaper.
    • Canadian dollars are always cheaper.
    Show answer

    The exchange rate and fees used can be different, which changes the final cost.

    Hint: Check the rate and any fees before choosing.

  5. Question 5

    C$1 = €0.65. How many euros do you get for C$60?

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    39 €

    Hint: Multiply the Canadian amount by the rate: 60 × 0.65.

  6. Question 6

    A bike costs $200 before tax. HST in Ontario is 13%. How much must Jay save to buy it, in dollars?

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    226

    Hint: Add 13% HST: 200 × 1.13.

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