What is simple interest?
Chapter 6 Review

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•
Mathematics
•
7th Grade
•
Hard
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1.
FLASHCARD QUESTION
Front
Back
Simple interest is calculated using the formula: Interest = Principal × Rate × Time. It is a way to calculate the interest earned or paid on a principal amount over a specific period.
2.
FLASHCARD QUESTION
Front
How do you find the time when given interest, principal, and rate?
Back
To find the time, rearrange the simple interest formula: Time = Interest / (Principal × Rate).
3.
FLASHCARD QUESTION
Front
If an item costs $20 and has a 15% markup, how do you calculate the selling price?
Back
Selling Price = Cost + (Cost × Markup Rate). For a $20 item with a 15% markup: Selling Price = $20 + ($20 × 0.15) = $23.
4.
FLASHCARD QUESTION
Front
What is percent of change?
Back
Percent of change is calculated as: Percent of Change = (New Amount - Original Amount) / Original Amount × 100%. It shows how much a quantity has increased or decreased.
5.
FLASHCARD QUESTION
Front
How do you convert a percentage to a decimal?
Back
To convert a percentage to a decimal, divide the percentage by 100. For example, 48% as a decimal is 48 ÷ 100 = 0.48.
6.
FLASHCARD QUESTION
Front
What is the formula for calculating the new amount after a percentage increase?
Back
New Amount = Original Amount + (Original Amount × Percentage Increase).
7.
FLASHCARD QUESTION
Front
How do you order fractions, decimals, and percentages from least to greatest?
Back
Convert all values to the same format (either fractions, decimals, or percentages) and then compare them.
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