7.RP.3 Review

Front

What is the formula for calculating simple interest?

Back

Simple Interest = Principal × Rate × Time

Front

If you have a principal amount of $1,000 and an interest rate of 5% for 3 years, how much interest will you earn?

Back

$150

Front

What does the term 'principal' mean in finance?

Back

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

Front

How do you calculate the total amount in a savings account after earning interest?

Back

Total Amount = Principal + Simple Interest

Front

What is a discount?

Back

A discount is a reduction in the price of an item, often expressed as a percentage.

Front

If an item costs $80 and has a 25% discount, what is the sale price?

Back

$60

Front

What is the formula to find the sale price after applying a discount?

Back

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

Front

How do you calculate the percentage of a tip based on a restaurant bill?

Back

Tip Percentage = (Tip Amount / Total Bill) × 100

Front

If Hector's restaurant bill is $945 and he leaves a $94.50 tip, what percentage is the tip?

Back

10%

Front

What is the meaning of 'interest rate'?

Back

The interest rate is the percentage at which interest is calculated on a principal amount.