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 \(I=Prt\).