Unit 8: Percentages and Ratios

This flashcard set covers the key vocabulary and mathematical concepts from Unit 8 regarding percentages, ratios, interest types, and conversion methods.

Unit Ratio

A ratio where one of the two numbers is $1$ (e.g., $n:1$ or $1:n$).

Simple Interest

Interest calculated only on the original amount of money invested, which remains the same each year.

Compound Interest

A type of interest where the amount earned each year is added to the money in the account, allowing the interest itself to earn interest in the following years.

Compound Interest Formula

$$Amount = ext{Initial amount} imes (\frac{100 + ext{Interest rate}}{100})^n$$

Multiplier

A decimal or value used to calculate a percentage of an amount or to determine the new total following a percentage increase or decrease.

Unitary Method

A strategy used to find the original amount after a percentage change by first calculating the value of $1\%$, then multiplying by $100$ to find $100\%$.

VAT

An abbreviation for Value Added Tax, which is an additional cost added to the base price of goods.

Aspect Ratio

The ratio between the width and the height of a film, TV, or similar image.

Percentage Increase

A process where you find the percentage of an amount and add it to the original amount.

Percentage Decrease

A process where you find the percentage of an amount and subtract it from the original amount.

Proper Fraction to Percentage Conversion

The process of converting a fraction to a decimal (usually through division) and then multiplying by $100\%$.