Converting Fractions to Percentages and Decimals

Tax

Tax

A fee collected by the government used to pay for government spending

Tip

Additional money paid by the consumer for a service

Markup

The amount added to the wholesale costs of good

Discount

A deduction from the original cost

Percent of change

The difference between a final value and initial value, expressed as a percentages of an initial value

percent error

The difference between the estimated number and the actual value as a percentage of the actual value.

Tax and Tip Total Cost Formula

Selling Price + Sales Tax + Tip

Percent Error Formula

Approximate value - exact value/ exact value x 100

Percent increase formula

new value - original value/ original value x 100

Percent decrease formula

original value - new value/ original value x 100

Markup Formula

(1+r)(Original cost)

Discount formula

(1-r)(Orginal cost)