Applying Percentage in Practical Situations Flashcards
It is the amount to be deducted from the original price. What is a decrease in the price of an item?
Discount
What refers to the regular price of the item?
Original Price
What refers to the percent taken off from the original price?
Rate of Discount
What refers to the price of the item after the discount has been deducted?
Net Price
What formula is used for finding discount?
Discount = Original Price x Rate of Discount
What formula is for finding rate of discount?
Rate of Discount = Discount / Original Price x 100%
What formula is used for finding original price?
Original Price = Discount / Rate of Discount
What formulas are used for finding net price?
Net Price = Original Price - Discount
or
Net Price = Original Price x (100% - Rate of Discount)
What is the difference between the original cost of an item or a service and the selling price?
Markup
What refers to the percent to be added to the original cost of the item?
Markup Rate
What refers to the amount of the item after the markup has been added to the original cost?
Selling Price
What is the formula for finding markup?
Markup = Original Cost x Markup Rate
What is the formula for finding original cost?
Original Cost = Markup / Markup Rate
What is the formula for finding markup rate?
Markup rate = Markup / Original Cost x 100%
What are the formulas for finding selling price?
Selling Price = Original Cost + Markup
or
Selling Price = Original Cost x (100% + Markup Rate)
What is the amount of money a person receives for his/her service?
Commission
What refers to the total amount of sales made by a salesperson?
Total Sales
What refers to the percent taken off from the selling price?
Rate of Commission
What refers to the percent of the amount that remains after the commission has been deducted from the total sales?
Net Proceeds
What is the formula for finding commission?
Commission = Total Sales x Rate of Commission
What is the formula for finding total sales?
Total Sales = Commission / Rate of Commission
What are the formulas for finding net proceeds?
Net Proceeds = Total Sales - Commission
or
Net Proceeds = Total Sales x (100% - Rate of Commission)
What is a tax paid to the government for the sales of certain goods and services?
Sales Tax
What is the formula used to find the amount of sales tax?
Amount of Sales Tax = Amount of Sales x Rate of Sales Tax
What is the formula for finding rate of sales tax?
Rate of Sales Tax = Amount of Sales Tax / Amount of Sales x 100%
What is the formula for finding amount of sales?
Amount Sales = Amount of Sales Tax / Rate of Sales Tax
What is the amount of money paid for the use of money lent over a period of time?
Interest
What refers to the amount of money, invested, deposited, or borrowed?
Principal
What refers to the percent added to the principal amount?
Rate of Interest
What refers to the length of time the money has been deposited, invested, or borrowed?
Time
What refers to the total amount to be paid or received after a certain period of time that the principal has been borrowed or deposited?
Amount Due
What is the formula for finding interest?
I = P x R x T
What is the formula for finding principal?
P = I / R x T
What is the formula for finding time?
T = I / P x R
What is the formula for finding rate of interest?
R = I / P x T x 100%
What are the formulas for finding amount due?
Amount Due = P + I
or
Amount Due = P x (1 + R x T)
