Sales Tax, Discount, Commission, Gratuity & Simple Interest

Front

What is Sales Tax?

Back

A sales tax is a percentage of the sale price that is added to the cost of goods and services, collected by the seller and paid to the government.

Tags

CCSS.6.RP.A.3C

Front

How do you calculate the total cost including sales tax?

Back

Total Cost = Price + (Price x Sales Tax Rate)

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CCSS.7.RP.A.3

Front

What is a Discount?

Back

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

Tags

CCSS.6.RP.A.3C

Front

How do you calculate the sale price after a discount?

Back

Sale Price = Original Price - (Original Price x Discount Rate)

Tags

CCSS.6.RP.A.3C

Front

What is Commission?

Back

Commission is a fee paid to an employee or agent for services rendered, usually calculated as a percentage of sales.

Tags

CCSS.6.RP.A.3C

Front

How do you calculate commission earned?

Back

Commission Earned = Total Sales x Commission Rate

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CCSS.7.RP.A.3

Front

What is Gratuity?

Back

Gratuity, or tip, is a sum of money given to service workers for their service, often expressed as a percentage of the total bill.

Tags

CCSS.6.RP.A.3C

Front

How do you calculate the total bill including gratuity?

Back

Total Bill = Meal Cost + (Meal Cost x Gratuity Rate)

Tags

CCSS.6.RP.A.3C

Front

What is Simple Interest?

Back

Simple interest is the interest calculated on the principal amount only, not on the interest accrued.

Tags

CCSS.7.RP.A.3

Front

How do you calculate Simple Interest?

Back

Simple Interest = Principal x Rate x Time (in years)

Tags

CCSS.7.RP.A.3