* 3-5/3-6 Markup, Markdown, Simple Interest Add'l Practice

Front

What is the formula to calculate simple interest?

Back

Simple Interest (SI) = Principal (P) × Rate (R) × Time (T) / 100

Front

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

Back

Total Amount = Principal + Simple Interest

Front

What is the definition of principal in the context of loans and interest?

Back

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

Front

How do you calculate the sale price of an item after a discount?

Back

Sale Price = Original Price - (Original Price × Discount Rate)

Front

What is a discount rate?

Back

A discount rate is the percentage reduction applied to the original price of an item.

Front

How do you find the original price of an item after a discount has been applied?

Back

Original Price = Sale Price / (1 - Discount Rate)

Front

What is the tax amount on a purchase?

Back

Tax Amount = Purchase Price × Tax Rate

Front

How do you calculate the total cost of an item including tax?

Back

Total Cost = Purchase Price + Tax Amount

Front

What is the definition of a markdown?

Back

A markdown is a reduction in the original selling price of a product.

Front

How do you convert a percentage to a decimal for calculations?

Back

To convert a percentage to a decimal, divide by 100 (e.g., 25% = 0.25).