Percents Unit Review

Front

What is simple interest?

Back

Simple interest is calculated using the formula: Interest = Principal × Rate × Time. It is the interest calculated only on the principal amount, not on the interest accrued.

Front

How do you calculate the total cost of a meal including a tip?

Back

To calculate the total cost, multiply the meal cost by the tip percentage (as a decimal) and add it to the original meal cost. Total Cost = Meal Cost + (Meal Cost × Tip Percentage).

Front

What is a markup?

Back

A markup is the amount added to the cost price of goods to cover overhead and profit. It is usually expressed as a percentage of the cost price.

Front

How do you find the selling price after a markup?

Back

Selling Price = Cost Price + (Cost Price × Markup Percentage).

Front

What is the formula for calculating the balance in a bank account with simple interest?

Back

Balance = Principal + (Principal × Rate × Time).

Front

How do you calculate a percentage discount?

Back

To calculate a percentage discount, multiply the original price by the discount percentage (as a decimal) and subtract that amount from the original price.

Front

If an item costs $100 and is on sale for 25% off, what is the sale price?

Back

Sale Price = Original Price - (Original Price × Discount Percentage) = $100 - ($100 × 0.25) = $75.

Front

What is the total interest paid on a loan of $25,690 at a simple interest rate of 5.2% over 5 years?

Back

Total Interest = Principal × Rate × Time = $25,690 × 0.052 × 5 = $6,679.40.

Front

If a jacket costs $85 and is 40% off, how much do you pay for it?

Back

Amount Paid = Original Price - (Original Price × Discount Percentage) = $85 - ($85 × 0.40) = $51.

Front

What is the total cost of a $40.84 meal with a 20% tip?

Back

Total Cost = Meal Cost + (Meal Cost × Tip Percentage) = $40.84 + ($40.84 × 0.20) = $49.01.