Interest, Commission, and Tips

The video tutorial covers key financial concepts including interest, commission, and tips and sales tax. It begins with an explanation of interest, detailing the formula and providing examples of how to calculate it for different time periods. The tutorial then moves on to commission, explaining how it is a percentage of sales and providing examples of calculating total pay. Finally, the video discusses tips and sales tax, demonstrating how to estimate and calculate these amounts accurately.

What are the main topics covered in this Algebra 1 lesson?

• Trigonometry, Statistics, and Probability

• Fractions, Decimals, and Percentages

• Interest, Commission, Tip, and Sales Tax

• Geometry, Algebra, and Calculus

In the interest formula I = PRT, what does 'T' represent?

• Transaction fee

• Time in years

• Total amount

• Tax rate

How should time be adjusted if given in months for the interest formula?

• Add 12

• Divide by 12

• Subtract 12

• Multiply by 12

What is the interest on a $2500 loan at 11.5% per year for 3 years?

• $865.50

• $862

• $900

• $800

How much interest is earned on a $1200 investment at 6% for 8 months?

• $45

• $60

• $50

• $48

What is commission?

• A type of tax

• A percentage of sales

• A fixed salary

• A loan interest

If Sam earns $1200 base pay and 5% commission on $120 sales, what is his total pay?

• $1300

• $1200

• $1250

• $1226

What is the commission on $15,500 sales at 3.5%?

• $600

• $550

• $500

• $542

What is a tip?

• A loan interest

• A fixed salary

• A percentage of a bill for service

• A type of tax

How do you estimate a 10% tip?

• Divide by 10

• Multiply by 10

• Move the decimal one place to the left

• Move the decimal one place to the right