Solve Percent Problems Review

Front

What is simple interest?

Back

Simple interest is calculated using the formula: Interest = Principal × Rate × Time. It is the interest calculated only on the principal amount, not on the interest accrued.

Front

How do you calculate the total amount to be paid back on a loan with simple interest?

Back

Total Amount = Principal + Interest. First, calculate the interest using the formula: Interest = Principal × Rate × Time, then add it to the principal.

Front

What is the formula to calculate percent error?

Back

Percent Error = |Estimated Value - Actual Value| / Actual Value × 100%.

Front

If a TV costs $899 and the tax rate is 6.5%, how do you calculate the tax?

Back

Tax = Price × Tax Rate. For this example: Tax = $899 × 0.065 = $58.44.

Front

What is a proportion?

Back

A proportion is an equation that states that two ratios are equal. For example, if a/b = c/d, then a, b, c, and d are in proportion.

Front

How do you solve a proportion?

Back

To solve a proportion, cross-multiply and then divide. For example, if a/b = c/d, then ad = bc.

Front

What does it mean to estimate a value?

Back

Estimating a value means making an educated guess about a quantity based on available information, rather than calculating it exactly.

Front

What is the significance of the interest rate in a loan?

Back

The interest rate determines how much extra money you will pay back on top of the principal amount borrowed. It is usually expressed as a percentage.

Front

How do you convert a percentage to a decimal?

Back

To convert a percentage to a decimal, divide the percentage by 100. For example, 20% = 20/100 = 0.20.

Front

What is the relationship between percent and fractions?

Back

Percent means 'per hundred.' To convert a percent to a fraction, place the percent over 100 and simplify. For example, 25% = 25/100 = 1/4.