13 terms

compound interest

Interest paid on the initial principal and on interest earned in the past.

discount

The amount by which the regular price of an item is reduced.

interest

The amount of money paid or earned for the use of money.

markup

The amount the price of an item is increased above the price the store paid for an item.

percent equation

An equivalent form of the percent proportion, where % is written as a decimal. Part = % times Whole

percent error

A measure of the difference between an estimate, prediction, or measurement and the actual value.

percent of change

The ratio of the increase or decrease of an amount to the original amount.

percent of decrease

The ratio of an amount of decrease to the previous amount, expressed as a percent. A negative percent of change.

percent of increase

The ratio of an amount of increase to the original amount, expressed as a percent.

percent proportion

part/whole = %/100 or a/b = p/100

principal

The amount of money in an account.

selling price

The amount a customer pays for an item.

simple interest

The amount of money paid or earned for the use of money. I=prt (Interest = principal x rate x time)