ACT Preparation / Unit 7 ACT 0630 short lesson, about 20 seconds
Tax, Discount, Mark-up, Commission and Interest
Captions available
The idea
Sales tax, discount, mark-up and commission are each a percent of a base: the price, the original price, the cost, or the sales. Simple interest is I = Prt: principal times rate times time in years.
In practice
$2,000 at 4% simple interest for 3 years earns 2,000 × 0.04 × 3 = $240.
Where people slip
Time must be in years: 6 months is 0.5.
Your place on the trail
Every lesson rests on earlier ones and opens later ones. Tap any to jump.
Builds on
Unlocks
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