Sales Tax, Discount, Commission, Gratuity & Simple Interest

Front

What is the formula for calculating Simple Interest?

Back

Simple Interest (SI) = Principal (P) × Rate (R) × Time (T) / 100

Front

How do you calculate the original price of an item after a discount?

Back

Original Price = Sale Price / (1 - Discount Rate)

Front

What is the formula to calculate the total amount after applying Simple Interest?

Back

Total Amount = Principal + Simple Interest

Front

How do you calculate the amount of tax on a bill?

Back

Tax Amount = Bill Amount × Tax Rate

Front

What is the formula for calculating a tip based on the total bill including tax?

Back

Tip Amount = (Bill Amount + Tax Amount) × Tip Rate

Front

How do you find the sale price of an item after applying a discount?

Back

Sale Price = Original Price × (1 - Discount Rate)

Front

What is the definition of Principal in the context of Simple Interest?

Back

Principal is the initial amount of money invested or borrowed before interest.

Front

What does the term 'Discount Rate' refer to?

Back

Discount Rate is the percentage by which the original price of an item is reduced.

Front

How do you calculate the total balance in an account after a period of time with Simple Interest?

Back

Total Balance = Principal + (Principal × Rate × Time / 100)

Front

What is Gratuity and how is it typically calculated?

Back

Gratuity is a sum of money given to service workers, often calculated as a percentage of the total bill.