Navigating Tax, Tip, and Simple Interest Concepts

This video lesson covers applications of percents, including calculating sales tax, tip and tax on a meal, and interest on a deposit. It provides step-by-step examples for each topic, demonstrating how to convert percentages to decimals and apply them to real-world scenarios. The lesson aims to enhance understanding of how percents are used in everyday financial calculations.

What is the primary focus of the video lesson?

• Geometry and shapes

• History of mathematics

• Basic algebra concepts

• Applications of percents

How do you convert a percentage to a decimal for calculation?

• Add 100

• Subtract 100

• Multiply by 100

• Divide by 100

What is the total cost of a $50 shirt with an 8% sales tax?

• $54

• $50

• $58

• $52

What additional costs are considered when calculating the total cost of a meal?

• Membership benefits

• Coupons

• Discounts

• Tip and tax

How much is the tax on a $75 meal with a 7% tax rate?

• $7.00

• $5.75

• $6.25

• $5.25

What is the total cost of a $75 meal with 7% tax and 15% tip?

• $89.50

• $90.00

• $91.50

• $92.50

What formula is used to calculate interest?

• Principal × Rate × Time

• Principal + Rate + Time

• Principal / Rate / Time

• Principal - Rate - Time

What is the interest earned on a $300 deposit at 3% interest over 4 years?

• $48

• $12

• $36

• $24

What does the rate in the interest formula represent?

• Number of years

• Fixed amount added annually

• Total deposit amount

• Percentage of the principal

How is the principal defined in the context of interest calculation?

• Amount borrowed or deposited

• Interest rate

• Duration of the investment

• Total return on investment