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CLEP General Mathematics: Percent
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CLEP General Mathematics: Percent
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15 Questions

1. 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

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

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

4. 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.

5. 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

6. 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)

7. 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

8. 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

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

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

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

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

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

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

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

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