Percent of Change and Simple Interest

Front

What is the formula to calculate the percent of change?

Back

Percent of Change = ((New Value - Old Value) / Old Value) * 100

Front

If a product's price increases from $50 to $75, what is the percent of change?

Back

50%

Front

What is simple interest?

Back

Simple interest is calculated using the formula: I = P * r * t, where I is the interest, P is the principal amount, r is the rate of interest per year, and t is the time in years.

Front

How do you calculate the total amount to be paid back on a loan?

Back

Total Amount = Principal + Interest, where Interest is calculated using the simple interest formula.

Front

What is the principal in a loan or investment context?

Back

The principal is the initial amount of money borrowed or invested, before interest.

Front

How do you find the interest earned on a savings account?

Back

Interest Earned = Principal * Rate * Time.

Front

What does a decrease in time taken to complete a task indicate in terms of percent of change?

Back

It indicates a negative percent of change, calculated as ((Old Time - New Time) / Old Time) * 100.

Front

If you have a loan of $8,000 at a 4% interest rate for 5 years, how much interest will you pay?

Back

Interest = 8000 * 0.04 * 5 = $1,600.

Front

What is the formula to calculate the interest rate from total interest paid?

Back

Rate = (Total Interest / (Principal * Time)) * 100.

Front

If a student loan of $10,000 has a total repayment amount of $12,000, what is the total interest paid?

Back

Total Interest = Total Repayment - Principal = $12,000 - $10,000 = $2,000.