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AM 6 Patterson
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Terms in this set (13)
Percent Proportion
A ratio compares part of a quantity to the whole quantity.
Percent Equation
An equivalent form of the percent proportion in which the percent is written as a decimal.
Percent of Change
A ratio that compares the change in quantity to the original amount.
Percent of Increase
If the percent of change is positive, it is a percent of increase.
Percent of Decrease
If the percent of change is negative, it is a percent of decrease.
Percent Error
The measure of the difference between an estimate or prediction and the actual value.
Markup
A store sells items for more than it pays for those items. The amount of increase is called the markup.
Selling Price
The amount the customer pays for an item.
Discount
The amount by which the regular price is reduced. The percent of discount is a percent of decrease.
Interest
The amount of money paid or earned for the use of money by a bank or other financial institution.
Simple Interest
Interest that is paid on the initial principal (the amount borrowed) of a savings account or a loan.
Principal
The amount of money borrowed or invested.
Compound Interest
Interest that is paid on the initial principal (the amount borrowed) and on interest earned in the past.
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