Discount, Tax, Tip, Markup, & Commission

Front

What is the formula to calculate the final price after applying a discount?

Back

Final Price = Original Price - (Original Price × Discount Rate)

Front

How do you calculate the amount of sales tax on a purchase?

Back

Sales Tax = Purchase Price × Sales Tax Rate

Front

What is the formula to calculate the total cost of an item after tax?

Back

Total Cost = Purchase Price + Sales Tax

Front

How do you calculate the tip amount based on a restaurant bill?

Back

Tip Amount = Bill Amount × Tip Percentage

Front

What is the formula to find the total bill after adding a tip?

Back

Total Bill = Bill Amount + Tip Amount

Front

How do you calculate the monthly payment on a loan?

Back

Monthly Payment = Loan Amount × (Interest Rate / (1 - (1 + Interest Rate)^-Number of Payments))

Front

What is markup and how is it calculated?

Back

Markup is the amount added to the cost price of goods to cover overhead and profit. Markup = Selling Price - Cost Price.

Front

What is commission and how is it typically calculated?

Back

Commission is a fee paid to an agent or employee for their services, usually calculated as a percentage of the sales they generate.

Front

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

Back

To convert a percentage to a decimal, divide the percentage by 100.

Front

What is the relationship between percentage and fractions?

Back

A percentage is a fraction with a denominator of 100.