Percent Unit Test Review

Front

What is simple interest?

Back

Simple interest is a method of calculating the interest charge on a loan or financial product. It is calculated using the formula: Interest = Principal x Rate x Time.

Front

How do you calculate total amount to be paid back on a loan with simple interest?

Back

Total Amount = Principal + Interest. Interest is calculated as: Interest = Principal x Rate x Time.

Front

What is the formula to calculate sales tax?

Back

Sales Tax = Purchase Price x Sales Tax Rate.

Front

How do you find the total cost after tax?

Back

Total Cost = Purchase Price + Sales Tax.

Front

What is percent change?

Back

Percent change is a measure of how much a quantity has changed relative to its original value, calculated as: Percent Change = (New Value - Old Value) / Old Value x 100%.

Front

How do you calculate the percent of a total?

Back

Percent = (Part / Whole) x 100%.

Front

If a student answers 70% of questions correctly and got 21 questions right, how do you find the total number of questions?

Back

Total Questions = Correct Answers / Percent Correct. In this case: Total Questions = 21 / 0.70 = 30.

Front

What is the sales tax rate in decimal form?

Back

To convert a percentage to decimal, divide by 100. For example, a 6% sales tax rate is 0.06 in decimal.

Front

How do you round to the nearest cent?

Back

To round to the nearest cent, look at the third decimal place. If it's 5 or more, round up; if it's less than 5, round down.

Front

What is the total amount paid if the sales tax is included?

Back

Total Amount Paid = Original Price + Sales Tax.