Podcast Beta
Questions and Answers
What is the definition of sale price?
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?
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?
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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?
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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.
