MAT 101 Final Exam Review

Front

What is the formula to calculate the markup rate?

Back

Markup Rate = (Selling Price - Cost Price) / Cost Price * 100

Front

If an item costs $275 and is sold for $453.75, what is the markup rate?

Back

65%

Front

What is the sum of 1,121, 216, and 475?

Back

1,812

Front

How do you compare two numbers, for example, 631,328 and 640,009?

Back

631,328 < 640,009

Front

What is the formula for calculating simple interest?

Back

Simple Interest = Principal x Rate x Time

Front

If $1,500 is invested at a simple interest rate of 8.25% for 18 years, what will be the total amount?

Back

$3,727.50

Front

What is the new price of an item after applying a 30% discount on a $34.00 item?

Back

$23.80

Front

How do you calculate the total amount after applying interest to a principal amount?

Back

Total Amount = Principal + Simple Interest

Front

What does it mean if a number is greater than another number?

Back

It means the first number has a higher value than the second.

Front

What is the significance of the markup rate in retail pricing?

Back

It indicates how much more than the cost price the item is sold for.