Unit 8 Vocab

Question 1

Percent Error

Answer 1

a measure of how inaccurate an estimated value is based on the actual value
1 out 4 wrong- 25%
1 out 10 wrong- 10%

Question 2

Simple Interest

I

Answer 2

a consistent amount of money paid or earned for the use of money

Question 3

Principal

P

Answer 3

initial amount of money (borrowed or deposited)

loan amount

Question 4

Interest Rate

R

Answer 4

the percentage of the loan amount (over a length of time)
that a borrower must pay for the use of money
4% per year

Question 5

Time

T

Answer 5

how long it takes to pay back a loan

Question 6

Gratuity (Tip)

Answer 6

an amount of money a customer usually pays to a worker who provides a service, in addition to the due payment

Question 7

Tax

Answer 7

a sum of money that you are charged by the the government for the purchase of goods and services (in addition to the actual price)

Question 8

Fee

Answer 8

an amount of money you are charged for processing (such as shipping and handling) or for a payment past due date

Question 9

Commission

Answer 9

an additional amount of money earned by an employee based on their number of states