10 Questions
What is the purpose of using the simple interest formula?
To calculate how much money your principal investment will earn you
In the simple interest formula I = prt, what does 't' represent?
Time the money needs to sit to earn interest
If you deposit $1000 and earn 5% interest over 2 years, what would be the interest earned using the simple interest formula?
$150
How is percent change different from simple interest?
Percent change is about the percentage increase or decrease in an amount
When you see a sale advertising '50% off!', what concept related to percents are you dealing with?
Percent change
What is the total amount you would have to pay back to Steve if you borrowed $800 for 2 years at 7% interest?
$912
How much would the life-size Bigfoot statue be worth if it increases by 30% from its original price of $800?
$1040
If you offer a 25% discount on the $1040 asking price for the Bigfoot statue, what price would you be offering the statue for?
$780
If you need to offer a discount to sell your statue for $912 and initially wanted $1040, what percentage discount are you offering?
12%
In the context of the text, how would you find the final bill if a check comes for $32 and you want to leave a 20% tip?
$32 + ($32 * 0.20)
Learn how to apply percent operations in real-world scenarios such as calculating simple interest and percent change. Understand the concept of principal and how it relates to earning or owing interest. Build practical math skills that can help you manage finances effectively.
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