Percent Change/Error Simple Interest

Front

What is percent error?

Back

Percent error is a measure of how inaccurate a measurement is, expressed as a percentage of the difference between the estimated value and the actual value.

Front

How do you calculate percent error?

Back

Percent Error = |(Estimated Value - Actual Value)| / Actual Value × 100%.

Front

If you estimate 200 people attended an event and the actual attendance is 240, what is the percent error?

Back

17%.

Front

What is percent change?

Back

Percent change is a measure of how much a quantity has increased or decreased relative to its original value, expressed as a percentage.

Front

How do you calculate percent change?

Back

Percent Change = (New Value - Original Value) / Original Value × 100%.

Front

If the original cost of an item is $5 and the new cost is $1, what is the percent change?

Back

Decrease 80%.

Front

What does the 'P' in the simple interest formula I=Prt represent?

Back

The 'P' represents the principal, which is the amount of money borrowed or deposited.

Front

What is the formula for calculating simple interest?

Back

I = Prt, where I is the interest, P is the principal, r is the rate of interest, and t is the time in years.

Front

If Emilio borrows $1200 at 8% simple interest for 2 years, how much total will he pay back?

Back

$1392.

Front

What is the formula to find the total amount to be paid back in simple interest?

Back

Total Amount = Principal + Interest.