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29 Cards in this Set
- Front
- Back
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What is interest?
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interest is money that is paid for the use of money that is borrowed or invested.
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What is the simple interest formula?
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I=PRT
I=interst P=principal ($ amount) R=interest rate (%) T=time (in years) |
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What is the compound interest formula?
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B=P(1+r)n
B=the final balance $ P= principal ($ in the account) n= the number of interst periods |
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What is commission?
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An amount of money made by a salesperson for selling an item or service (usually in addition to their salary.
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What is royalty?
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An amount paid to the creator or owner of a musical or literary work, an invention or servlce.
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What is a discount?
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The difference between the regular price and the sales price of an item.
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What is a markup?
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The difference between the price that the store pays for an item and the price that the item is sold for.
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A basketball backboard set that sold for $79 is discounted 15%. What is the sale price?
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$67.15
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A parka that sold for $65 is marked up to $70.20. What is the percent of markup?
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8%
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Because of an increase of 8% in wholesale prices, a shoe store had to mark up its new stock by the same percent. What was the new price of a pair of shoes that had sold for $24.50?
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$26.46
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A guitarist earns a royalty of 22% of the selling price of an album. If he earns $2.64 on each album sold, what is the selling price of the album?
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$12
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A coat that originally cost $40 was marked up 50%. During a sale, the coat was discounted 50%. What was the sale price?
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$30
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A CD player that cost $50 was discounted 20% for a sale. It was then returned to its original price. What percent of markup was the original price over the sale price?
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25%
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Margaret’s day-care service makes a profit of $222 per week. What are her costs if this profit is 18.5% of her total income?
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$978
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Esther receives a 15% commission on magazine subscriptions. One week her sales totaled $860. What was her commission for the week?
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$129
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Sole Mates Shoes has expenses of $9592 per month. What must the store’s total income be if it is to make a 12% profit?
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$10,900
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A grocery store has a 20% markup on a can of soup. The can of soup costs the store $1.50. What is the selling price for the can of soup?
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$1.80
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$1280 at 15% for 2 years
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$384
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$3500 at 16% for 9 months
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$420
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$5640 at 7.5% for 4 years
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$1692
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$14,650 at 16.4% for 3 ½ years
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$8409.10
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$1240 for 3 yrs, 6 months; simple interest: $651
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15%
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$2600 for 4 yrs; total to be repaid: $3484
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8.5%
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$3775 at 12%; simple interest: $226.50
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6 months
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$7850 at 6.5%; simple interest: $510.25
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1 year
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$6400 for 2 years at 5% compounded annually
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$7056
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$1280 for 9 months at 10%, compounded quarterly
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$1378.42
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$3200 for 3 years at 7.5%, compounded annually
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$3975.35
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$3125 for 3 months at 9.6%, compounded monthly
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$3200.60
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