ALG1A 2.10 application of percents

Front

What is a percent?

Back

A percent is a ratio expressed as a fraction of 100. It represents a part of a whole.

Front

How do you calculate a percentage of a number?

Back

To calculate a percentage of a number, multiply the number by the percentage (in decimal form). For example, to find 20% of 50, calculate 50 * 0.20 = 10.

Front

What is commission?

Back

Commission is a fee paid to an employee based on the sales they generate, usually expressed as a percentage of the sale.

Front

How do you calculate commission earned on a sale?

Back

To calculate commission, multiply the sale amount by the commission rate (in decimal form). For example, for a sale of $1,000 with a 5% commission, the commission is $1,000 * 0.05 = $50.

Front

What is simple interest?

Back

Simple interest is the interest calculated on the principal amount only, not on the interest accrued over time.

Front

What is the formula for calculating simple interest?

Back

The formula for simple interest is I = PRT, where I is the interest, P is the principal amount, R is the rate of interest (as a decimal), and T is the time in years.

Front

How do you find the total earnings of a salesperson with a base salary and commission?

Back

To find total earnings, add the base salary to the commission earned from sales. For example, if the base salary is $28,000 and commission is $3,000, total earnings = $28,000 + $3,000 = $31,000.

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What is a tip?

Back

A tip is a small amount of money given to service workers as a reward for their service, often calculated as a percentage of the total bill.

Front

How do you calculate a tip?

Back

To calculate a tip, multiply the total bill by the tip percentage (in decimal form). For example, for a $50 bill with a 15% tip, the tip is $50 * 0.15 = $7.50.

Front

How do you determine the time it takes to earn a certain amount of simple interest?

Back

To determine the time, rearrange the simple interest formula to T = I / (PR). For example, if I = $100, P = $1,000, and R = 0.05, then T = $100 / ($1,000 * 0.05) = 2 years.