Commission/Simple Interest

Front

What is 82% as a decimal?

Back

0.82

Front

Compute the sales commission for an amount of $4,500.00 at a rate of 5%.

Back

$225.00

Front

Before using the rate given as a percent (%) in the simple interest formula, you must first convert it to a ______.

Back

decimal

Front

If Ann puts $300 in a bank account earning 4% interest, how much will she earn in interest in 1 year?

Back

$12

Front

In the simple interest formula I=TPR, what does 't' represent?

Back

Time, in years

Front

What is the formula for calculating simple interest?

Back

I = PRT (Interest = Principal x Rate x Time)

Front

What does 'P' stand for in the simple interest formula I=TPR?

Back

Principal (the initial amount of money)

Front

What does 'R' represent in the simple interest formula I=TPR?

Back

Rate (the percentage of interest per time period)

Front

If you have a principal of $200 and a rate of 5% for 2 years, what is the simple interest earned?

Back

$20

Front

How do you convert a percentage to a decimal?

Back

Divide the percentage by 100.