Module 2 Assessment Review

Front

What is the formula to calculate the new price after applying a markup rate?

Back

y = (1 + markup rate) * x

Front

How do you calculate the percent decrease in price?

Back

Percent Decrease = ((Original Price - Sale Price) / Original Price) * 100

Front

What is simple interest and how is it calculated?

Back

Simple Interest = Principal * Rate * Time

Front

How do you calculate the total price including a service fee?

Back

Total Price = Ticket Price + (Service Fee Rate * Ticket Price)

Front

What is the formula to find the original price after a discount?

Back

Original Price = Sale Price / (1 - Discount Rate)

Front

What does a markup rate of 28% mean?

Back

It means the price is increased by 28% of the original price.

Front

If a skateboard originally costs $84.50 and is on sale for $50.70, what is the original price?

Back

Original Price = Sale Price / (1 - Discount Rate) = $84.50

Front

What is the total interest earned on a $5,000 deposit at 5.75% for 5 years?

Back

Total Interest = $5,000 * 0.0575 * 5 = $1,437.50

Front

How do you find the sale price after applying a discount?

Back

Sale Price = Original Price * (1 - Discount Rate)

Front

What is the total cost of a $320 ticket with a 7% service fee?

Back

Total Cost = $320 + (0.07 * $320) = $342.40