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Mathematics LibreTexts

Key Terms Chapter 03: Math Models

  • Page ID
    101920
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    Amount of Discount
    The amount of discount is the amount resulting when a discount rate is multiplied by the original price of an item.
    Discount Rate
    The discount rate is the percent used to determine the amount of a discount, common in retail settings.
    Interest
    Interest is the money that a bank pays its customers for keeping their money in the bank.
    List Price
    The list price is the price a retailer sells an item for.
    Mark-Up
    A mark-up is a percentage of the original cost used to increase the price of an item.
    Mixture Problems
    Mixture problems combine two or more items with different values together.
    Original Cost
    The original cost in a retail setting, is the price that a retailer pays for an item.
    Principal
    The principal is the original amount of money invested or borrowed for a period of time at a specific interest rate.
    Rate of Interest
    The rate of interest is a percent of the principal, usually expressed as a percent per year.
    Simple Interest
    Simple interest is the interest earned according to the formula \(I=Prt\).
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