Tax, Tip, And Discount

1. Chris puts $1,500 in a savings account at an annual interest rate of 5%. If Chris does not deposit or withdraw any money, what is the amount of interest Chris will earn the first year her money is in the account?

$ 50

$ 75

$ 500

$ 700

Chris puts $1,500 in a savings account with an annual interest rate of 5%. To calculate the amount of interest Chris will earn in the first year, we need to multiply the principal amount ($1,500) by the interest rate (5%).

$1,500 x 5% = $75

Therefore, Chris will earn $75 in interest the first year her money is in the account.

Explanation

Chris puts $1,500 in a savings account with an annual interest rate of 5%. To calculate the amount of interest Chris will earn in the first year, we need to multiply the principal amount ($1,500) by the interest rate (5%).

$1,500 x 5% = $75

Therefore, Chris will earn $75 in interest the first year her money is in the account.

2. Harrison is buying a bicycle for $340. What amount of sales tax must he pay if the sales tax rate is 7%?

$ 23.80

$ 7.00

$ 24.60

$ 238.00

Harrison must pay a sales tax of $23.80 if the sales tax rate is 7%. To calculate the sales tax amount, we multiply the purchase price of $340 by the sales tax rate of 7%, which gives us $23.80. This amount is added to the original price, resulting in a total cost of $363.80.

Explanation

Harrison must pay a sales tax of $23.80 if the sales tax rate is 7%. To calculate the sales tax amount, we multiply the purchase price of $340 by the sales tax rate of 7%, which gives us $23.80. This amount is added to the original price, resulting in a total cost of $363.80.

3. The Wheeler's bill at the restaurant was $63.00. How much money should Mr. Wheeler leave as a tip if he plans to tip 15%?

$ 72.45

$ 9.45

$ 78.00

$ 5.00

Mr. Wheeler should leave $9.45 as a tip because 15% of $63.00 is $9.45.

Explanation

Mr. Wheeler should leave $9.45 as a tip because 15% of $63.00 is $9.45.

4. The tax rate on an $80 sweater is 6.5%. What is the tax?

$ 520.00

$ 5.20

$ 52.00

$ 85.20

The tax rate on an $80 sweater is 6.5%. To calculate the tax, we multiply the price of the sweater by the tax rate. In this case, 6.5% of $80 is $5.20.

Explanation

The tax rate on an $80 sweater is 6.5%. To calculate the tax, we multiply the price of the sweater by the tax rate. In this case, 6.5% of $80 is $5.20.

5. Lynne loaned $480 to a friend. The friend paid back the amount borrowed plus 10% interest. What was the total amount the friend paid to Lynne?

$ 480.10

$ 484.80

$ 528.00

$ 490.00

Lynne loaned $480 to her friend. The friend paid back the amount borrowed plus 10% interest. To find the total amount the friend paid to Lynne, we need to calculate the interest. 10% of $480 is $48. Adding this to the original amount borrowed gives us $480 + $48 = $528. Therefore, the correct answer is $528.00.

Explanation

Lynne loaned $480 to her friend. The friend paid back the amount borrowed plus 10% interest. To find the total amount the friend paid to Lynne, we need to calculate the interest. 10% of $480 is $48. Adding this to the original amount borrowed gives us $480 + $48 = $528. Therefore, the correct answer is $528.00.