Consumer math review

Front

What is consumer math?

Back

Consumer math is a branch of mathematics that deals with practical applications of math in everyday life, such as budgeting, saving, investing, and understanding loans.

Front

What is simple interest?

Back

Simple interest is calculated using the formula: Interest = Principal x Rate x Time, where Principal is the initial amount of money, Rate is the interest rate, and Time is the duration in years.

Front

How do you calculate the balance of an account after a purchase?

Back

To calculate the balance after a purchase, subtract the purchase amount from the current balance.

Front

What is percent change?

Back

Percent change is calculated using the formula: Percent Change = (New Value - Old Value) / Old Value x 100%.

Front

How do you find the interest earned on a deposit?

Back

To find the interest earned, use the simple interest formula: Interest = Principal x Rate x Time.

Front

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

Back

Final Balance = Principal + (Principal x Rate x Time).

Front

If a pair of shoes costs $120 and is on sale for $69.98, what is the percent change?

Back

Percent Change = ((120 - 69.98) / 120) x 100% = 42%.

Front

What is the principal in a simple interest calculation?

Back

The principal is the initial amount of money deposited or borrowed before interest.

Front

How do you calculate the total amount after a certain number of years with simple interest?

Back

Total Amount = Principal + (Principal x Rate x Time).

Front

What does a 3.8% interest rate mean?

Back

A 3.8% interest rate means that for every $100 of principal, $3.80 will be earned in interest over one year.