Tax, Tip, And Discount

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| By Kellyfritz

Kellyfritz

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1/5 Questions

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

About This Quiz

This quiz titled 'Tax, Tip, and Discount' assesses practical financial mathematics skills, focusing on calculating tips, interest, loan repayments, and sales tax. It enhances learners' ability to apply percentages in everyday financial contexts, making it relevant and engaging.

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
Correct Answer

A. $ 23.80

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.

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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
Correct Answer

A. $ 9.45

Explanation

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

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0
4.

The tax rate on an $80 sweater is 6.5%. What is the tax?
- $ 520.00
- $ 5.20
- $ 52.00
- $ 85.20
Correct Answer

A. $ 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.

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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
Correct Answer

A. $ 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.

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2

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Current Version
Mar 22, 2023

Quiz Edited by
ProProfs Editorial Team
Apr 29, 2011

Quiz Created by
Kellyfritz

Tax, Tip, And Discount

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?

Quiz Preview

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

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%?

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

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?