Consumer Math Review

Name: ______

Finding the percent of a number

 Change the percent to a decimal and multiply

 Set up a proportion  Put the percent over 100 and the part over the whole  Cross multiply and solve for x

Practice:

1) 10% of 16 = ______

2) 40% of 60 = ______

3) 15% of 35 = ______

4) 55% of 200 = ______

Finding the sales tax and total amount paid

Sales tax- the amount of money you pay in addition to the price

price + tax = total cost

Practice:

1) What is the amount of tax on a $20 stereo with a 6% sales tax? ______

2) How much money will Cindy pay for a $16 stuffed animal in Virginia? ______

3) Find the total cost of a $46 table with a 6.5% sales tax. ______

4) A wallet is $25. If the store charges a 5% sales tax, how much will you owe the cashier

altogether? ______Finding a tip and total amount paid

Tip- the amount of money you pay for a service

bill + tip = total amount paid

Practice:

1) How much is a 20% tip on a $84 meal? ______

2) Your meal comes to $36 and you want to leave an 18% tip. How much money will you leave as a tip? ______

3) What is the total cost of a meal that is $40 with a 15% tip? ______

4) Your family goes out to eat for $50. Dad wants to leave a 20% tip for the waitress. How much money will your family spend altogether? ______

Finding the discount and sale price

Discount- the amount of money you save

Sale Price- the amount of money you pay for an item on sale

Original price – discount = sale price

Practice:

1) A shirt is 20% off of $30. What is the amount of discount? ______

2) A $60 pair of shoes is on sale for 25% off. How much money will you save? ______

3) A $150 flat screen tv is 65% off. What is the sale price? ______

4) A hula hoop that was $14 is now 30% off? How much will it cost? ______Calculating Simple Interest

Interest- the money you owe in addition to the principal amount you borrowed or invested

Principal- the original amount of money borrowed or invested

Rate- a percent (change to a decimal)

Time- must be in years

Formula I = prt

Practice:

1) You need a $120 loan from the bank for a down payment on a car. The interest rate is 5.5% and you have 6 months to pay it off. How much money will you owe in interest? ______

2) You put $250 into the bank. At an interest rate of 12%, how much money will you have in the account after two years? ______