Finance Gr.9 Flashcards
1
Q
How do you calculate downpayment?
A
- Figure out the percent of downpayment and the total price of the thing being paid.
- Calculate percentage relative to the price of the thing being paid. Example: 17% of $35000 = 35000 x 0.17 = $5950
2
Q
How do you calculate a loan to pay off something?
A
Price of the thing being paid - downpayment
3
Q
How do you calculate interest?
A
Interest = Price x Rate x Time
4
Q
What are the rules for calculating interest?
A
“Price” must be in dollars, “rate” must be in decimal form, and the “time” unit must be in years.
5
Q
How much interest will I have to pay if a $29,050 loan is at 2.5% simple interest for 36 months?
A
I = $29,050 x 0.025 x 3
6
Q
How do you calculate percentage? Example: What is 18% of 39
A
Divide percentage by the other number.
18 / 39 = 0.46 or 46%
7
Q
How do you calculate percentage with numbers over 100? Example: 13% of $485
A
