Percents "Consumer Math" Practice/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.

Front

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, 25% of 200 is 200 x 0.25 = 50.

Front

What does 'discount' mean in consumer math?

Back

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

Front

If an item costs $50 and has a 20% discount, how much do you save?

Back

You save $10. (20% of $50 = $10)

Front

What is simple interest?

Back

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

Front

How do you calculate simple interest?

Back

Simple Interest = Principal x Rate x Time. For example, for $1000 at 5% for 3 years: $1000 x 0.05 x 3 = $150.

Front

What is depreciation?

Back

Depreciation is the reduction in the value of an asset over time, often expressed as a percentage.

Front

If a phone originally costs $400 and depreciates by 25%, what is its new value?

Back

The new value is $300. (25% of $400 = $100; $400 - $100 = $300)

Front

What is the formula for finding the original price after a discount?

Back

Original Price = Sale Price / (1 - Discount Rate). For example, if the sale price is $75 after a 25% discount: $75 / (1 - 0.25) = $100.

Front

What is the relationship between interest rate, principal, and time in simple interest?

Back

The interest earned is directly proportional to the principal amount, the interest rate, and the time period.