Lesson Summary - Percent Application

Front

What is the formula to calculate income tax?

Back

Income Tax = Annual Income × Tax Rate

Front

If an item costs $100 and the sales tax rate is 5%, what is the total cost?

Back

Total Cost = Item Cost + (Item Cost × Sales Tax Rate) = $100 + ($100 × 0.05) = $105

Front

What is the percentage decrease formula?

Back

Percentage Decrease = ((Old Price - New Price) / Old Price) × 100

Front

How do you calculate simple interest?

Back

Simple Interest = Principal × Rate × Time

Front

What is the sales tax on an item priced at $200 with a sales tax rate of 7%?

Back

Sales Tax = Item Price × Sales Tax Rate = $200 × 0.07 = $14

Front

If a bicycle costs $450 and the sales tax is 6.5%, how much is the total cost?

Back

Total Cost = $450 + ($450 × 0.065) = $450 + $29.25 = $479.25

Front

What is the amount of interest on a loan of $10,000 at a 5% interest rate for 3 years?

Back

Interest = Principal × Rate × Time = $10,000 × 0.05 × 3 = $1,500

Front

If a book originally costs $35 and is now $21, what is the percentage reduction?

Back

Percentage Reduction = ((35 - 21) / 35) × 100 = 40%

Front

What is the total cost of a washing machine priced at $680.75 with an 8% sales tax?

Back

Total Cost = $680.75 + ($680.75 × 0.08) = $680.75 + $54.46 = $735.21

Front

How do you find the total cost after tax?

Back

Total Cost = Item Price + (Item Price × Sales Tax Rate)