Markup and markdown, interest
Flashcard
•
Mathematics
•
7th Grade
•
Practice Problem
•
Hard
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15 questions
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1.
FLASHCARD QUESTION
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.
2.
FLASHCARD QUESTION
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.
3.
FLASHCARD QUESTION
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.
4.
FLASHCARD QUESTION
Front
How do you calculate the amount of markup?
Back
Markup Amount = Cost Price x Markup Percentage.
5.
FLASHCARD QUESTION
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.
6.
FLASHCARD QUESTION
Front
How do you calculate the sale price after a markdown?
Back
Sale Price = Original Price - Markdown Amount.
7.
FLASHCARD QUESTION
Front
What is the formula to calculate a tip?
Back
Tip Amount = Total Bill x Tip Percentage.
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