Percents, Interest, Commission

The rate is given as a percent (%).  Before using it in the simple interest formula, you must first convert it to a______.

• fraction

• decimal

• ratio

• dollar amount

The simple interest formula is I=PRT. The P represents the principal. The principal is ___________________.

• the amount of money borrowed, deposited, or invested

• the percent interest for his year

• the amount taxed

• the amount the bank owes you for being a customer at their bank

Ann puts $300 in a bank account earning 4% interest.  How much will she earn in interest in 1 year?

• 4

• 8

• 12

• 16

Jerry borrowed $4,000 for 5 years at 6% simple interest rate. How much interest is that?

• $800

• $1,000

• $1,200

• $1,500

The simple interest formula is I=TPR. What does the t represent?

• Principle

• Interest

• Time, in hours

• Time, in years

What is commission?

• An answer to a question

• A percent

• A percentage you earn from your total sales.

• An amount compared to 100.

Hint: They just want the tip.

• $61.02

• $43.28

• $8.87

• $8.80

Dante wants to buy a scooter that usually sells for $45.49. The store is having a sale and all merchandise is discounted by 25%.

What is the total cost of the scooter after he pays 6 and a half% sales tax?

• $11.37

• 36.34

• $34.12

• $40.62

Yadiel earns a weekly salary of $420.00 and a commission of 7.5% on sales at the clothing store where he works. How much would he earn if he sells $1400 worth of merchandise?

• $1,849.40

• $31.50

• $525

• $451.50

Nerlande earns a weekly salary of $320.00 plus a commission of 9.5% on sales at the clothing store where she works. How much would she earn if she sells $1500 worth of merchandise?

• $462.50

• $350.40

• $1,821.60

• $142.50