Unit 3B: Percent Summative Retake

Front

What is a percentage?

Back

A percentage is a fraction expressed as a part of 100. It represents how much of something there is in relation to a whole.

Front

How do you calculate the selling price after a markup?

Back

Selling Price = Cost Price + (Markup Percentage × Cost Price). For example, if a soda costs $1.25 with a 20% markup, Selling Price = $1.25 + (0.20 × $1.25) = $1.50.

Front

What is sales tax?

Back

Sales tax is a percentage added to the price of goods and services, collected by the seller and paid to the government. It is calculated by multiplying the price by the sales tax rate.

Front

How do you calculate total cost including sales tax?

Back

Total Cost = Price + (Sales Tax Rate × Price). For example, if a water bottle costs $9.45 with a 7% sales tax, Total Cost = $9.45 + (0.07 × $9.45) = $10.11.

Front

What is the formula for calculating simple interest?

Back

The formula for simple interest is I = PRT, where I is interest, P is principal amount, R is rate of interest per year, and T is time in years.

Front

How do you calculate interest earned on an investment?

Back

Interest Earned = Principal × Rate × Time. For example, if you invest $350 at a 2.5% interest rate for 3 years, Interest = $350 × 0.025 × 3 = $26.25.

Front

What is a discount?

Back

A discount is a reduction in the price of a product or service, usually expressed as a percentage of the original price.

Front

How do you calculate the final price after a discount?

Back

Final Price = Original Price - (Discount Percentage × Original Price). For example, if a baseball bat costs $28 with a 25% discount, Final Price = $28 - (0.25 × $28) = $21.

Front

What does it mean to round to the nearest cent?

Back

Rounding to the nearest cent means adjusting a monetary amount to the closest hundredth place. For example, $1.456 rounds to $1.46.

Front

What is the relationship between fractions and percentages?

Back

Fractions can be converted to percentages by multiplying the fraction by 100. For example, 1/4 = 0.25 × 100 = 25%.