7th Grade: Percent Review

Front

What is a percent?

Back

A percent is a ratio expressed as a fraction of 100. It represents a part of a whole.

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How do you calculate a percentage of a number?

Back

To calculate a percentage of a number, multiply the number by the percentage (in decimal form). For example, to find 20% of 50, calculate 50 x 0.20 = 10.

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What does 'discount' mean?

Back

A discount is a reduction in the price of an item, often expressed as a percentage of the original price.

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How do you find the sale price after a discount?

Back

To find the sale price, subtract the discount amount from the original price. Sale Price = Original Price - Discount Amount.

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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.

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How do you calculate the total cost including sales tax?

Back

To calculate the total cost, multiply the original price by the sales tax rate (in decimal form) and add it to the original price. Total Cost = Original Price + (Original Price x Sales Tax Rate).

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What is markup?

Back

Markup is the amount added to the cost price of goods to cover overhead and profit, usually expressed as a percentage.

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How do you calculate the selling price with markup?

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To calculate the selling price, add the markup amount to the cost price. Selling Price = Cost Price + Markup Amount.

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What is simple interest?

Back

Simple interest is a method of calculating the interest charge on a loan based on the original principal amount.

Front

How do you calculate simple interest?

Back

Simple Interest = Principal x Rate x Time. (Rate is in decimal form, and Time is in years.)