Podcast
Questions and Answers
What is the definition of sale price?
What is the definition of sale price?
If a jacket costs $150 and has a discount rate of 20%, what is the discount amount?
If a jacket costs $150 and has a discount rate of 20%, what is the discount amount?
How can the discount rate be calculated if the discount amount and original price are known?
How can the discount rate be calculated if the discount amount and original price are known?
What is the original price of an item with a sale price of $120 and a discount rate of 20%?
What is the original price of an item with a sale price of $120 and a discount rate of 20%?
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If a salesperson earns $200 from selling a product priced at $1,000, what is the commission rate?
If a salesperson earns $200 from selling a product priced at $1,000, what is the commission rate?
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What is the discount for a telephone originally priced at $600 with a discount rate of 15%?
What is the discount for a telephone originally priced at $600 with a discount rate of 15%?
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If a refrigerator originally costs $2,000 and a sales tax of 5% is applied, what is the total cost after tax?
If a refrigerator originally costs $2,000 and a sales tax of 5% is applied, what is the total cost after tax?
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What would the sale price be if an item originally priced at $500 is given a discount of 40%?
What would the sale price be if an item originally priced at $500 is given a discount of 40%?
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Study Notes
Money Problems Involving Percentage
- Discount: A reduction from the original price of a product or service, often expressed as a percentage.
- Sale Price: The final price after the discount is applied; calculated as Original Price minus Discount.
- Selling Price: The original price or amount charged by a company for a product without any discounts.
Key Formulas
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Discount Calculation:
Discount = Original Price * Discount Rate (expressed as a decimal) -
Sale Price Calculation:
Sale Price = Original Price - Discount -
Original Price Calculation:
Original Price = Sale Price / (1 - Discount Rate) -
Discount Rate Calculation:
Discount Rate = (Discount / Original Price) * 100%
Examples
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T-shirt Discount Example:
Original Price = $300, Discount Rate = 25%- Discount = $300 * 0.25 = $75
- Sale Price = $300 - $75 = $225
- Conclusion: Discount is $75, Sale Price is $225.
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Refrigerator Discount Example:
Original Price = $18,999, Discount Rate = 38%- Discount = $18,999 * 0.38 = $7,219.62
- Sale Price = $18,999 - $7,219.62 = $11,779.38
- Conclusion: Savings from discount are $7,219.62, Sale Price is $11,779.38.
Commission and Sales Tax
- Commission: A financial incentive earned from selling goods or services.
- Commission Rate: The percentage taken from the selling price for the commission.
- Sales Tax: A government-imposed tax on the sale of goods and services, typically a percentage of the selling price.
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Description
This quiz covers financial concepts such as discounts, sale prices, commissions, sales tax, and simple interest. You will learn how to solve problems involving these percentages and create a personal financial plan. Test your understanding of money management strategies and enhance your budgeting skills.
