Calculating Costs and Percentages

This video is the third and final part of lesson 5.3, covering various financial calculations. The instructor reviews how to calculate the percent of a number by converting it to a decimal, and applies this to real-world scenarios such as calculating sales tax, simple interest, and total costs including tax and tips. The video also covers how to handle discounts and tips in cost calculations. The instructor emphasizes the importance of using two decimal places for monetary values and provides practical examples to illustrate each concept. Additional resources and contact information are provided for further assistance.

What topics were covered in the introduction of Lesson 5.3?

• Only sales tax and simple interest

• Commission and using different percentages

• None of the above

• Sales tax, simple interest, commission, and using different percentages

How do you convert a percentage to a decimal?

• Add a zero at the end

• Move the decimal two places to the right

• Move the decimal two places to the left

• Divide by 1000

What is the decimal equivalent of 150%?

• 15.0

• 0.15

• 0.150

• 1.50

If a radio costs $43.99 and the sales tax is 7%, what is the total cost?

• $47.07

• $46.00

• $45.00

• $50.00

What is the formula for calculating simple interest?

• Principal x Rate x Time

• Principal + Rate + Time

• Principal x Rate / Time

• Principal + Rate - Time

Joe borrowed $2000 at a 7% interest rate for 5 years. How much interest does he pay?

• $700

• $1400

• $1000

• $500

Teresa's restaurant bill is $29.99 before tax. If the sales tax is 6.25% and she tips 20%, what is the total cost?

• $37.87

• $35.00

• $40.00

• $30.00

How do you calculate the total cost of an item including tax?

• Item cost / Tax rate

• Item cost + (Tax rate x Item cost)

• Item cost - (Tax rate x Item cost)

• Item cost x Tax rate

The Jaden family eats at a restaurant with a 15% discount. Their meal costs $78.65 and they leave a 20% tip. What is the total cost?

• $90.00

• $85.00

• $82.59

• $80.00