Math Worksheet - Grade 7 (Page 34 of 34) in pdf

Math Worksheet - Grade 7 Page 34

Grade Honors

Unit: Knowledge of Number Relationships & Computation

Objective: Determine rate of increase and decrease, discounts, simple interest, commission, sales tax. - B

Examples:

n SALES TAX is a percent of the purchase price and is an amount paid in addition to the purchase price.

Determine the total price of a $17.55 soccer ball if the sales tax is 6%.

Determine the sales tax by changing % to a decimal and multiply.

17.55 x 0.06 = 1.07 (TAX)

Add price and tax to determine the total price.

17.55 + 1.07 = 18.82

n COMMISSION is the amount a salesman/woman makes for selling items. To determine the amount of

commission, change the % to a decimal and multiply by the total amount sold.

Determine the commission for a RV salesman, whose sales for the month of March totaled $149,000. The salesman

earns a 4% commission.

Change 4% to a decimal.

4% = 0.04

Multiply decimal and total sold.

0.04 x 149,000 = 5960

The RV salesman/woman will make a total commission of $5,960 for the month of March.

n SIMPLE INTEREST the amount of money paid or earned for the use of money. To determine simple

interest I, use the formula I = prt. Principal p is the amount of money deposited or invested. Rate r is the

annual interest rate written as a decimal. Time t is the amount of time the money is invested in years.

Determine the simple interest earned in a savings account where $136 is deposited for 2 years if the interest rate is

7.5% per year.

I = prt

I = 136 • 0.075 • 2

I = 20.40

The simple interest earned is $20.40

1.) Jeremy wants to buy a skateboard but does not know if

2.) Blake bought two magazines for $4.95 each. If the

he has enough money. The price of the skateboard is $85

sales tax was 6.75%, what was the total amount that he

and the sales tax is 6%. What will be the total cost of the

paid for the magazines?

skateboard?

3.) How much interest will Hannah earn in 4 years if she

4.) You are a real estate agent. For every house you sell

deposits $630 in a savings account at 6.5% simple

you earn 3.8% commission. This month you sold 2 houses

interest?

that had a combined total of $560,950. How much

commission will you earn?

5.) When Melissa was born, her parents put $8,000 into a

6.) A car salesman earns 7% commission on his total

college fund account that earned 9% simple interest.

sales this month. If he sells 2 cars at $15,670 each, and a

Determine the total amount in the account after 18 years.

truck at $25,995, how much commission will he earn?

(hint: You need to find the total amount of sales first)

Math Worksheet - Grade 7 Page 34

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