Markup and markdown, interest

Front

What is simple interest?

Back

Simple interest is a method of calculating the interest charge on a loan or financial asset. It is calculated using the formula: Interest = Principal x Rate x Time.

Front

How do you calculate total amount to be paid back on a loan with simple interest?

Back

Total Amount = Principal + Interest. Interest is calculated using the formula: Interest = Principal x Rate x Time.

Front

What is a markup?

Back

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 calculate the amount of markup?

Back

Markup Amount = Cost Price x Markup Percentage.

Front

What is a markdown?

Back

Markdown is a reduction in the original selling price of a product. It is often used to encourage sales.

Front

How do you calculate the sale price after a markdown?

Back

Sale Price = Original Price - Markdown Amount.

Front

What is the formula to calculate a tip?

Back

Tip Amount = Total Bill x Tip Percentage.

Front

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

Back

Total Cost = Meal Cost + Tip Amount.

Front

What is the percentage formula?

Back

Percentage = (Part / Whole) x 100.

Front

How do you find the percentage of a number?

Back

To find the percentage of a number, multiply the number by the percentage (in decimal form).