Unit 5 Flashcards
(9 cards)
Simple Interest
[I]
A consistent amount of money paid or earned for the use of money.
Principal
[P]
Initial amount of money (borrowed or deposited).
Interest Rate
[R]
The percentage of the loan amount (over a length of time) that a borrower must pay for the use of money.
Time
[T]
How long it takes to pay back a loan.
Gratuity
(Tip)
An amount of money a customer usually pays to work who provides a service, in addition to the due payment.
Commision
An additional amount of money earned by an employee based on their number of sales. Realtor
Tax
A sum of money you are charged by the government for the purchase of goods and services (in addition to the actual price).
Fee
An amount of money you are charged for proceeding
( such as shipping & handling ) or for a payment past due date.
Disturbutive Property
Multiplying a number is the same as multiplying it’s addends by a number then adding the products.