Interest, Commission, Percent Error Review

Simple Interest

100

Find the simple interest earned, to the nearest cent, for the principal, interest rate, and time.

$350, 5%, 1 year

$____________

$17.50

200

Find the simple interest earned, to the nearest cent, for the principal, interest rate, and time.

$2,100, 4.5%, 3 years

$____________

$283.50

300

Find the simple interest earned, to the nearest cent, for the principal, interest rate, and time.

$570, 8%, 4 years

$____________

$182.40

400

Kara's father put $640 into a savings account for her. The account pays 1.5% simple interest each year. If he neither adds nor withdraws money from the account, how much interest will the account earn after 3 years? Round to the nearest cent.

$____________

$28.80

500

Suppose Hunter opens a savings account for only 18 months. He puts $890 in the account and earns 2.5% simple interest each year. How much interest will he earn? Round to the nearest cent.

$____________

$33.38

Commission

100

Mr. Green sells vacation rentals and earns a 4.5% commission on every vacation rental he sells. How much commission would he earn on a vacation rental that sold for $2,400?

$____________

$108.00 OR $108

200

Terry sells tractors and earns a 2.75% commission on every tractor he sells. How much commission would he earn for selling a tractor that cost $9,775? Round to the nearest cent.

$____________

$268.81

300

Ellie works in a jewelry store. She earns an 8.75% commission on every piece of jewelry she sells. How much commission does she earn for selling a necklace that costs $5900?

$____________

$516.25

400

A salesman earns 60% commission on all the merchandise that he sells. Last month he sold $400 worth of merchandise. How much commission (in dollars) did he earn last month?

$____________

$240.00 OR $240

500

Mel needs to earn at least $1500 each month to cover her living expenses. Her income comes from an 11% commission that she earns on everything she sells. What is the minimum amount she needs to sell in order to earn $1500?

$____________

$13,636.36

Percent Error

100

Find the percent error for the estimate and actual value. Round the percent to the nearest tenth if necessary.

estimate: 11 years

actual value: 14 years

percent error: ____________%

percent error: 21.4%

200

Find the percent error for the estimate and actual value. Round the percent to the nearest tenth if necessary.

estimate: $75

actual value: $80

percent error: ____________%

percent error: 6.3%

300

Find the percent error for the estimate and actual value. Round the percent to the nearest tenth if necessary.

estimate: 25 years

actual value: 28 years

percent error: ____________%

percent error: 10.7%

400

A mayor estimates that 3,000 people will attend the first day of the county fair. A total of 6,200 people actually attend the first day of the fair. What is the percent error of the mayor's estimate? Round to the nearest tenth if necessary.

____________%

51.6%

500

Mia estimates that the wait time for her favorite roller coaster is 25 minutes. The actual wait time is 45.5 minutes. What is the percent error of Mia's estimate. Round to the nearest tenth if necessary.

____________%

45.1%