Chapt 8 Math Vocab 1
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COMMISSION
A fee paid to a person for making a sale.

COMMISSION RATE
The fee paid to a person who makes a sale expressed as a percent of the selling price.

COMPATIBLE NUMBERS
Numbers that are close to the given numbers that make estimation or mental calculation easier.

ESTIMATE
An answer that is close to the exact answer and is found by rounding or other methods to find such an answer.

INTEREST
The amount of money charged for borrowing or using money.

PERCENT
A ratio comparing a number to 100.

PERCENT CHANGE
The amount stated as a percent that a number increases or decreases.

PERCENT DECREASE
A percent change describing a decrease in quantity.

PERCENT INCREASE
A percent change describing an increase in a quantity.

PRINCIPAL
The initial amount of money borrowed or saved.

RATE OF INTEREST
The percent charged or earned on an amount of money.

SALES TAX
A percent of cost of an item which is charged by governments to raise money.

SIMPLE INTEREST
A fixed percent of the principal found using the formula:
I = p r t

I = p r t
 I = interest
 P = percent
 R = rate
 T = time