Topic 3 Review 7th grade

Front

What is simple interest?

Back

Simple interest is calculated using the formula: I = PRT, where I is the interest, P is the principal amount, R is the rate of interest per year, and T is the time in years.

Front

How do you calculate the interest rate from simple interest?

Back

To find the interest rate, rearrange the simple interest formula: R = I / (PT).

Front

If you sleep 33% of the year, how many months do you spend sleeping?

Back

You spend 4 months sleeping (0.33 * 12 months = 3.96 months).

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 resale price with a markup?

Back

Resale Price = Cost Price + (Markup Percentage * Cost Price).

Front

What is the formula to calculate tax on a purchase?

Back

Tax = Purchase Price * Tax Rate.

Front

How do you find the percentage of a part compared to a whole?

Back

Percentage = (Part / Whole) * 100.

Front

What is the formula for calculating percentage increase?

Back

Percentage Increase = ((New Value - Old Value) / Old Value) * 100.

Front

How do you round a number to the nearest dollar?

Back

If the decimal is 0.50 or higher, round up; if it's less than 0.50, round down.

Front

What is the principal in a loan?

Back

The principal is the original sum of money borrowed or invested, excluding any interest.