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Math7-Unit2-L5-7

Interest commissions percent error

TermDefinition
principal the amount of money borrowed or deposited
interest the amount of money earned for the use of the principal
simple interest formula Interest = principal x rate x time (i=prt)
commission An amount of money an employee is paid that is based on the amount of goods and services they sell.
fee An amount paid for a good or service. It can be a fixed amount, a percent of the price or both.
percent error A ratio, written as a percent, that shows the inaccuracy of an estimate or compared to the actual value.
amount of error The positive difference between the estimate and the actual value.
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