Math 7: Topic 3 Review

Amy deposits $200 in the bank for 5 years. She earns 5% interest. How much did she make in interest?

• $10

• $60

• $50

• $500

 If you receive 25% off an item costing $22.00, how much money do you save?

• $ 5.50
• $ 4.25
• $6.00
• $7.35

What does the I stand for in the simple interest equation?

• Income

• Igloo

• Ice

• Interest ($)

What is the formula for simple interest?

• I = K*Y*X

• I = I*P

• I = P*r*t

• P = x*y

What does the r stand for in the simple interest equation?

• Roses (petals)

• Random (decimals)

• River (gallons)

• Rate (% as decimal)

What does the t stand for in the simple interest equation?

• Time

• Tents

• Totals

• Teeth

The sales tax rate is 4%. If Gus buys a new pair of shoes priced at $117.93, what will be the cost including tax?

• $122.7

• $123

• $122.65

• $122

A used laptop costs $420. The laptop was then marked up 57% before selling it. What was the sale price of the laptop?

• $239.40 markup

• $239.40 markdown

• $239 mark up

• $240 markdown

Mark up is....

• Added to the original price

• Deducted to the original price

How do we find a mark up of an amount

• We add the mark up % to 100, then turn it into a decimal and multiply it by the original amount

• We subtract the mark up % to 100, then turn it into a decimal and multiply it by the original amount