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Questions and Answers
Explain how you would calculate the sales price of an item after applying a 20% discount.
To calculate the sales price after a 20% discount, you would first find 20% of the original price by multiplying the original price by 0.20. Then, subtract this amount from the original price to find the discounted price.
Calculate the simple interest on a loan of $5000 at an annual interest rate of 6% for 3 years.
The formula to calculate simple interest is: Interest = Principal × Rate × Time. Plugging in the values, we get Interest = $5000 × 0.06 × 3 = $900.
Explain the concept of percent of increase and how it differs from percent of decrease.
Percent of increase is the amount of increase expressed as a percentage of the original amount. It is calculated as (Increase / Original) × 100. Percent of decrease, on the other hand, is the amount of decrease expressed as a percentage of the original amount, and is calculated similarly. The key difference is whether the change is an increase or a decrease.
