ACT Math : Percentage
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Example Questions
Example Question #7 : How To Find Simple Interest
The equation 
Grant takes out a personal loan to buy a car. He pays 
Using the 
Example Question #8 : How To Find Simple Interest
The equation 
Ashley wants to take out a loan for some home improvements. She knows that her simple interest rate will be 
Using the 
Example Question #9 : How To Find Simple Interest
The equation 
A loan officer realizes an error has been committed on an account -- a customer with a 
First, we must use our formula to determine how much money the customer has paid in interest:
Now, calculate how much should have been paid, based on the correct interest rate:
Lastly, find the difference between these two numbers:
Thus, the bank owes the customer 
Example Question #10 : How To Find Simple Interest
How much more money will a savings account at 
First, we must use our formula to determine how much interest each account generates, then subtract the greater from the smaller.
So, the account at 
Example Question #1261 : Act Math
A credit union pays out interest to its members proportional to their contributions to savings accounts at the end of each financial year in which the union posts a profit. If at the end of the year, the credit union posts a profit of 
If the profit was 
Thus, Antoine is entitled to 
Example Question #1262 : Act Math
What interest is expected to be paid on a loan for $55,000 with 3% interest compounded annually over a period of 6 years?
The simple interest formula is,
Example Question #1 : How To Find The Sale Price
Mary wants to buy a new skirt. It was originally $30, but is marked 20% off. She also received a coupon for 15% off the sale price. How much will Mary pay for the skirt?
$23.90
$10.50
$20.40
$19.50
$20.40
20% off means that the new price of the skirt will be 80% of the original price:
$30(100% – 20%) = $30(80%)
Converting the percent to a decimal gives:
$30(0.8) = $24.00
There is an additional 15% off the sale price of $24.00, so the final price is 85% of the sale price:
$24(100% – 15%) = $24(85%)
Again converting the percent to a decimal gives:
$24(0.85) = $20.40
Example Question #1 : How To Find The Sale Price
A tablet computer listed at an original price of $250 is placed on sale for 20% off the original price. Bob, an employee of the store, gets an additional 30% off the sale price. What price would Bob pay to purchase the tablet computer?
$200
$140
$100
$125
$140
Take the original price and take off 20% = $250(1 - .2) = $250(.8) = $200
Then take off another 30% $200(1 - .3) = $140
Example Question #1 : How To Find The Sale Price
The manager of a department store decided to raise the price of a certain pair of shoes by 30%. The next day, the store ran a sale of 20% off all items. What is the difference in price, in percentage terms, between the initial price of the shoes and the sale price?
The price increased by 10%
The price decreased by 10%
The price increased by 1.5%
The price increased by 4%
The price decreased by 4%
The price increased by 4%
To find the price after the initial 30% increase by the manager, you must multiply the original price by 1.3. Then, to find the price after the 20% off sale, you must multiply the new price by 0.8. The original price, therefore, is being multiplied by 1.3*0.8 = 1.04, indicating a 4% overall increase.
Example Question #1 : How To Find The Sale Price
A shirt is originally priced at $54. It is on sale for 60% off, and Jeff has a coupon for an additional 15% off the reduced price. What is the final price Jeff pays for the shirt?
$21.60
$24.30
$18.36
$4.86
$13.50
$18.36
After 60% off, the shirt is marked down to $21.60 (found by: $54 - $54*0.6 = $21.60). Jeff uses a 15% off coupon, knocking the price down to $18.36 ( found by: $21.60 - $21.60*0.15 = $18.36).
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