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CLEP General Mathematics: Percent

Subjects : clep, math
Instructions:
  • Answer 15 questions in 15 minutes.
  • If you are not ready to take this test, you can study here.
  • Match each statement with the correct term.
  • Don't refresh. All questions and answers are randomly picked and ordered every time you load a test.

This is a study tool. The 3 wrong answers for each question are randomly chosen from answers to other questions. So, you might find at times the answers obvious, but you will see it re-enforces your understanding as you take the test each time.
1. The amount paid for using money: I = P X R X T - - The amount of interest based on a principal amount and not on earned interest. - interest = principal rate time






2. A long-term loan (usually to buy a house) that you can get from a bank - credit union - mortgage broker - or online lender - An agreement to repay a loan with interest over a certain period by the owner of a property to the mortgagee.






3. The part indicating the ratio of the percentage to the base - R = P/B - the percent of the base indicated in a percent statement






4. Annual Percentage Rate - this stands for annual percentage rate - which is a number calculated by taking into account the total cost of the loan - including what the borrower will pay in interest; this makes it easier to compare different loan offers






5. The percent a given quantity increases or decreases - Different / Original - the percent of change found when the amount increases/decreases.






6. A reduction in the regular price of an item - an amount or percentage deducted - a refund of some fraction of the amount paid






7. The loss in value of an item - decrease in value of an asset due to obsolescence or use






8. The part being compared with the base or total - P = B X R - a proportion multiplied by 100 - A ratio that states the number of times an outcome is likely to occur out of a possible 100 times






9. Total compound amount A for a rate i per period applied to a principal P for n periods is given by computing interest on the earned interest: A = P(1 + i)^n - interest calculated on both the principal and the accrued interest - Compound interest is i






10. To solve percent problems using proportions - set up the proportion - Percent/100 = Part/Whole






11. Per hundred - a proportion multiplied by 100 - a ratio whose denominator is 100






12. The standard used for comparison purposes - B = P/R ; B the base - P the percentage - R the rate. - the whole amount






13. A share of the sales price earned by a salesperson - a fee for services rendered based on a percentage of an amount received or collected or agreed to be paid (as distinguished from a salary)






14. List price + sales tax - Fixed Cost + Variable Cost






15. A type of federal student loan - Rates vary and are adjusted every July but cannot exceed 8.25%.