Tax, Tip, And Discount
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The Wheeler's bill at the restaurant was $63.00. How much money should Mr. Wheeler leave as a tip if he plans to tip 15%?
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$ 72.45
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$ 9.45
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$ 78.00
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$ 5.00
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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.
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Chris puts $1,500 in a savings account at an annual interest rate of 5%. If Chris does not deposit or withdraw any money, what is the amount of interest Chris will earn the first year her money is in the account?
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$ 50
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$ 75
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$ 500
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$ 700
Correct Answer
A. $ 75Explanation
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.Rate this question:
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- 3.
Lynne loaned $480 to a friend. The friend paid back the amount borrowed plus 10% interest. What was the total amount the friend paid to Lynne?
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$ 480.10
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$ 484.80
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$ 528.00
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$ 490.00
Correct Answer
A. $ 528.00Explanation
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.Rate this question:
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- 4.
Harrison is buying a bicycle for $340. What amount of sales tax must he pay if the sales tax rate is 7%?
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$ 23.80
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$ 7.00
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$ 24.60
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$ 238.00
Correct Answer
A. $ 23.80Explanation
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.Rate this question:
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- 5.
The tax rate on an $80 sweater is 6.5%. What is the tax?
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$ 520.00
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$ 5.20
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$ 52.00
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$ 85.20
Correct Answer
A. $ 5.20Explanation
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.Rate this question:
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Current Version
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Mar 22, 2023Quiz Edited by
ProProfs Editorial Team -
Apr 29, 2011Quiz Created by
Kellyfritz
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