Discount:
Percentage:
Simple Interest
Q.1. a scarf priced at $100 is sold for $88. Find the percentage discount.
Solution:
Discount = Marked Price - Sale Price
= $100 - $88
= $12
Percentage discount = 12/100 x 100%
= 12% Ans.
Q.2. A laptop is sold for $1274 after a discount of 9%.
i) Find the marked price of the laptop.
ii) If a 5% discount is given on the marked price of the laptop before it is sold at a further discount of 4%, would the sale price still be $1274? Show your working clearly.
Solution:
92 % of the marked price = $1274
1% of the marked price = $1274/92
100% of the marked price = $1274 /92 x 100
= $1384.78
The marked price of the laptop is $1384.78.
ii) Sale price of laptop after a 5% discount = 95/100 X $1384.78
= $1325
Sale price of laptop after a further discount of 4% = 96/100 x $1325
= $1262.4
No, the sale price would not be $1262.4
Q.3. A sculpture is sold for $533 after a discount of 18%.
i) Calculate the marked price of the sculpture.
ii) If a 10% discount is given on the marked price of the sculpture before it is sold at a further discount of 8%, would the sale price still be $ 533? Show your working clearly.
Solution:
I) 82% of the marked price = $533
1% of the marked price = $533/82
100% of the marked price = $533/82 X 100
= $650
The marked price of the sculpture is $650.
ii) Sale price of sculpture after a 10% discount = 90/100 X $650
= $585
Sale price of sculpture after a further discount of 8% = 92/100 x $585
= $538.20
No, the sale price would not be $533.
Q.4. The marked price of a washing machine is $600. A discount of 6% is given during a sale. Find the sale price of the washing machine.
Solution:
Discount = Marked Price - rate of Discount
= $600 - $.06
= $36
Sale price = Marked price - Discount
= 600 - 36
= 564 Ans.
Simple Interest
Interest:
The amount collected or paid for the use of money
To calculate simple interest, you use the formula:
I = p.r.t
Principal:
the amount of money borrowed or deposited
Rate:
the interest percent per year as a decimal
Time:
time in years that the money earns interest
Q.1. Jose deposits $1500 of his tax refund into an account that earns simple annual interest. How much interest will his account earn after 6 years at an annual interest rate of 4%?
= $1500 × 6 × 0.04
= $360
The following clients have opened savings accounts with the State Employees Credit Union.
Use the simple interest formula I = p.r.t to calculate the principal, rate, time, or interest earned by each client.
Calculate the interest to the nearest cent, and write your answers in the chart below.
Q.2. If Sheila got a 5-year $5,800 loan at an interest rate of 10%
for her first car, how much interest did she pay?
I = p.r.t
= $5,800 X o.1 X 5
= $2,900
Q.3. Lisa borrows $2850 at 4.3% simple interest per year.
When Lisa pays the loan back 9 years later.
What is the total amount that Lisa ends up repaying?
I = p.r.t
= $2850 X 0.043 X 9
= $1102.95
Use the simple interest formula to solve each problem. Show your work!
Q.1. Lorel deposits $7,500 into the bank. She does not withdraw or deposit money for 6 years.
She earns 6% interest during that time.
a. How much interest will she have earned at the end of 6 years?
interest = $7,500 X 6 X .006
= $270
b. What will the balance be when she is finally able to withdraw her money?
_______
Q.2. Cara just purchased a new car. He financed $45000 and must pay it back over 5 years with 11% interest.
a. How much will Cara have paid in interest by the time his car is paid off?
b. How much will he have paid for his car. Including interest, after 5 years?
3. Dina has a balance of $10,200 on his credit card.
He threw the card away so he can never use it again.
He has 3.5 years to pay off the balance. The interest rate on his card is 21%.
a. At the end of the 3.5 years. how much interest has he paid?
b. When Dina pays off his credit card, how much will he have paid in all?
🏆⚽
Q.4. Travel to Qatar for the FIFA 2022 finals
The bank agrees to give you a loan of $4,000 with 1% simple interest over 2 years. How much will your monthly payments be?
🏈🏆
Q.5. Travel to Phoenix for the 2023 Super Bowl
The bank agrees to give you a loan of $3,000 with 2% simple interest over 1 year. How much will your monthly payments be?
