Monetary Percentage - PSAT Math
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Each wooden chair that a carpenter makes requires $20 worth of supplies. He then sells the chairs for $50 each. The carpenter recently discovered a new supplier that would allow him to spend 25% less on supplies. If he doesn't change his selling price, by what percent could the carpenter increase his profit by using the new supplier?
Each wooden chair that a carpenter makes requires $20 worth of supplies. He then sells the chairs for $50 each. The carpenter recently discovered a new supplier that would allow him to spend 25% less on supplies. If he doesn't change his selling price, by what percent could the carpenter increase his profit by using the new supplier?
Using $20 worth of supplies and selling the chairs for $50 each, the carpenter is originally making a profit of $30 per chair.
The new supplier would reduce costs by 25% or 1/4. One-fourth of $20 is $5, so the new supplier would be $5 less, or $15.
If the selling price is the same ($50), then the carpenter would now make a profit of $35 per chair, a change of $5.
To calculate percent increase, divide the actual change in profit by the original profit amount, and multiply the result by 100%:
(Actual Change ÷ Original Amount) * 100% = 5/30 * 100% = 500%/30 = 16.7%
Using $20 worth of supplies and selling the chairs for $50 each, the carpenter is originally making a profit of $30 per chair.
The new supplier would reduce costs by 25% or 1/4. One-fourth of $20 is $5, so the new supplier would be $5 less, or $15.
If the selling price is the same ($50), then the carpenter would now make a profit of $35 per chair, a change of $5.
To calculate percent increase, divide the actual change in profit by the original profit amount, and multiply the result by 100%:
(Actual Change ÷ Original Amount) * 100% = 5/30 * 100% = 500%/30 = 16.7%
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A sunglasses kiosk at the mall makes a $50 profit for every 6 pairs of sunglasses it sells. How many pairs of sunglasses must it sell to earn $1000 profit?
A sunglasses kiosk at the mall makes a $50 profit for every 6 pairs of sunglasses it sells. How many pairs of sunglasses must it sell to earn $1000 profit?
Divide the profit per 6 pairs into the total desired profit $1000/$50 = 20.
Multiply 20 by 6 sunglasses = 120 sunglasses. Or use 6/50 = x/1000 and solve for x.
Divide the profit per 6 pairs into the total desired profit $1000/$50 = 20.
Multiply 20 by 6 sunglasses = 120 sunglasses. Or use 6/50 = x/1000 and solve for x.
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Ricky works at a shoe shop, and earns $40 in commission for each pair of shoes he sells plus a $100 weekly salary. If Ricky receives no other money, which of the following expressions represents the total dollar amount Ricky receives for a week in which he sells n shoes?
Ricky works at a shoe shop, and earns $40 in commission for each pair of shoes he sells plus a $100 weekly salary. If Ricky receives no other money, which of the following expressions represents the total dollar amount Ricky receives for a week in which he sells n shoes?
If Ricky sells n shoes in a week, he earns $40_n_ in commission. His salary is a constant $100 per week, so his total payout is $100 + $40_n._
If Ricky sells n shoes in a week, he earns $40_n_ in commission. His salary is a constant $100 per week, so his total payout is $100 + $40_n._
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An entrepreneur started a company making floggles. The factory requires $1000 worth of fixed expenses to keep it running every month. She is able to produce one floggle at the cost of $4 and sell one floggle at the cost of $6. If she produces and sells 500 floggles in one month, what is her profit?
An entrepreneur started a company making floggles. The factory requires $1000 worth of fixed expenses to keep it running every month. She is able to produce one floggle at the cost of $4 and sell one floggle at the cost of $6. If she produces and sells 500 floggles in one month, what is her profit?
Profit = Income - Expenditures
Income = $6/floggle times 500 floggles = $3000
Expenditures = $1000 + $4/floggle times 500 floggles = $1000 + $2000 = $3000
Profit = 3000 - 3000 = 0
Profit = Income - Expenditures
Income = $6/floggle times 500 floggles = $3000
Expenditures = $1000 + $4/floggle times 500 floggles = $1000 + $2000 = $3000
Profit = 3000 - 3000 = 0
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You are planning a New Year’s Eve bash. For each person attending, the caterer will charge you $15 for food, $10 for beverages, $5 for service. The band charges $2000 for the entire evening. You also have to pay the venue $2500 to rent the location for the night and $3 for parking for each attendee. If you expect 500 people to attend and you would like to make a $10000 profit for planning the event, how much must each ticket cost?
You are planning a New Year’s Eve bash. For each person attending, the caterer will charge you $15 for food, $10 for beverages, $5 for service. The band charges $2000 for the entire evening. You also have to pay the venue $2500 to rent the location for the night and $3 for parking for each attendee. If you expect 500 people to attend and you would like to make a $10000 profit for planning the event, how much must each ticket cost?
First determine total cost.
Caterer: Per person = $15 + $10 + $5 = $30 per person
Parking: Per person = $3 per person
Total per person = $33
$33 * 500 people = $16,500
Plus cost of renting venue + band = $2500 + $2000 = $4500
Total (net) cost = $16,500 + $4500 = $21,000
Total (gross) cost = net cost + profit = $21,000 + $10,000 = $31,000
Cost per ticket = Gross cost / # of attendee = $31,000 / 500 = $62
First determine total cost.
Caterer: Per person = $15 + $10 + $5 = $30 per person
Parking: Per person = $3 per person
Total per person = $33
$33 * 500 people = $16,500
Plus cost of renting venue + band = $2500 + $2000 = $4500
Total (net) cost = $16,500 + $4500 = $21,000
Total (gross) cost = net cost + profit = $21,000 + $10,000 = $31,000
Cost per ticket = Gross cost / # of attendee = $31,000 / 500 = $62
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The Widget Company has annual revenues of $150,000. Their expenses over the same time frame was $75,000. What was the percent profit?
The Widget Company has annual revenues of $150,000. Their expenses over the same time frame was $75,000. What was the percent profit?
Profit = Revenue – Expense
% Profit = $ Profit ÷ $ Total Revenue
% Profit = ($150,000 – $75,000) ÷ $150,000 = 50%
Profit = Revenue – Expense
% Profit = $ Profit ÷ $ Total Revenue
% Profit = ($150,000 – $75,000) ÷ $150,000 = 50%
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Nicki sold 20 albums at $5 each. How many albums should Minaj sell at $4.50 to earn more than Nicki?
Nicki sold 20 albums at $5 each. How many albums should Minaj sell at $4.50 to earn more than Nicki?
The answer is 23. 23*$4.50 = $103.50, which is more than what Nicki earned.
The answer is 23. 23*$4.50 = $103.50, which is more than what Nicki earned.
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During Laura and Anna’s bake sale, 35 brownies, 12 cupcakes and 23 glasses of lemonade were sold. These goods cost $44 for the raw ingredients, and they sold for $79. What is the average profit per item?
During Laura and Anna’s bake sale, 35 brownies, 12 cupcakes and 23 glasses of lemonade were sold. These goods cost $44 for the raw ingredients, and they sold for $79. What is the average profit per item?
Total profit ($35) divided by total items (70) yields the answer of $0.50 profit per item.
Total profit ($35) divided by total items (70) yields the answer of $0.50 profit per item.
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A craftsman builds a cabinet. He pays $250 to buy the wood and miscellaneous materials for the cabinet. He spends 20 hours building the cabinet. If he values his time at $40 per hour and expects a profit margin of 50% above labor and materials, how much should he charge for the cabinet?
A craftsman builds a cabinet. He pays $250 to buy the wood and miscellaneous materials for the cabinet. He spends 20 hours building the cabinet. If he values his time at $40 per hour and expects a profit margin of 50% above labor and materials, how much should he charge for the cabinet?
Total Cost = Material Cost + Labor Cost + Profit
Labor Cost = $40/hour * 20 hours = $800
Profit Margin of 50% = Cost x 0.50 = $1050 x 0.50 = $525
Total Cost = $250 + $800 + $525 = $1575
Total Cost = Material Cost + Labor Cost + Profit
Labor Cost = $40/hour * 20 hours = $800
Profit Margin of 50% = Cost x 0.50 = $1050 x 0.50 = $525
Total Cost = $250 + $800 + $525 = $1575
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The cost of manufacturing a single teddy bear is $6.25. A teddy bear company sells 200 bears for $1750. What is the profit percentage per single bear?
The cost of manufacturing a single teddy bear is $6.25. A teddy bear company sells 200 bears for $1750. What is the profit percentage per single bear?
First we must find out what the price is for one teddy bear, manufactured by this company. Thus we divide 1750 by 200 and find that each bear costs $8.75. To find out the profit per bear, we divide 8.75 by 6.25 to arrive at 1.4. The bears are thus sold for 140% of what it costs to make them, giving a 40% profit.
First we must find out what the price is for one teddy bear, manufactured by this company. Thus we divide 1750 by 200 and find that each bear costs $8.75. To find out the profit per bear, we divide 8.75 by 6.25 to arrive at 1.4. The bears are thus sold for 140% of what it costs to make them, giving a 40% profit.
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You really want to buy a car that costs $15,000 but you only have $5,000 saved. Rather than getting a bank loan, your parents offer to lend you the extra money but will require you to pay them back with 4.3% interest. How much will car cost in total after you have paid your parents back?
You really want to buy a car that costs $15,000 but you only have $5,000 saved. Rather than getting a bank loan, your parents offer to lend you the extra money but will require you to pay them back with 4.3% interest. How much will car cost in total after you have paid your parents back?
Amount borrowed = $15,000 – $5,000 = $10,000
Interest of 4.3% = $10,000 * 0.043 = $430
Total cost of car = $5000 + $10000 + $430 = $15,430
Amount borrowed = $15,000 – $5,000 = $10,000
Interest of 4.3% = $10,000 * 0.043 = $430
Total cost of car = $5000 + $10000 + $430 = $15,430
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Dan took out a $1200 loan at a rate of 3% simple interest a year. What is the amount of interest accrued for one month?
Dan took out a $1200 loan at a rate of 3% simple interest a year. What is the amount of interest accrued for one month?
$1200 is the amount that he took out.
3% annually would yield an interest amount of $36.
Therefore, each month, he would be paying $3 a month.
$1200 is the amount that he took out.
3% annually would yield an interest amount of $36.
Therefore, each month, he would be paying $3 a month.
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Peter wanted to buy a car and borrowed $2,500 from the bank at 5% simple interest per year. He was able to pay back the loan in one lump sum at six months. What was the total amount he paid the bank?
Peter wanted to buy a car and borrowed $2,500 from the bank at 5% simple interest per year. He was able to pay back the loan in one lump sum at six months. What was the total amount he paid the bank?
Simple interest is given by 
where 
= interest, 
= principal, 
= rate, and 
= time in years.
Remember, six months is the same as half of a year. The total paid back to the bank is the principle plus the interest, or $2,562.50.
Simple interest is given by
Remember, six months is the same as half of a year. The total paid back to the bank is the principle plus the interest, or $2,562.50.
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Ted works over the summer and makes $9 per hour. He works for 20 hours each week for 10 weeks. After paying 10% in taxes, he buys a bike for $500 and puts the rest of his money in the bank.
If Ted's bank pays 5% interest on the total sum once per year, and Ted doesn't add or remove anything from the account, how much money (rounded to the nearest cent) will Ted have in 5 years?
Ted works over the summer and makes $9 per hour. He works for 20 hours each week for 10 weeks. After paying 10% in taxes, he buys a bike for $500 and puts the rest of his money in the bank.
If Ted's bank pays 5% interest on the total sum once per year, and Ted doesn't add or remove anything from the account, how much money (rounded to the nearest cent) will Ted have in 5 years?
To start, we see that Ted works for 20 hours per week for 10 weeks. This means he works a total of 200 hours over the summer. He is paid $9 dollars each hour. Therefore he makes $9 x 200 hours = $1800 total over the summer. He then has to pay 10% in taxes, or .1 x $1800, leaving him with 
. He buys the bike for $500, so he has $1620 - $500 = $1,120 to deposit at the bank.
Now we have to find out how much he will have 5 years later. Since the bank pays 5% interest each year, we know that he will make 5% of what he has each year. He starts with $1,120. 5% of this value is 
. Adding this to the original $1,120 gives us $1,176.
This is also the same as multiplying instead by 1.05. We repeat this step 5 times, giving us:
To start, we see that Ted works for 20 hours per week for 10 weeks. This means he works a total of 200 hours over the summer. He is paid $9 dollars each hour. Therefore he makes $9 x 200 hours = $1800 total over the summer. He then has to pay 10% in taxes, or .1 x $1800, leaving him with
Now we have to find out how much he will have 5 years later. Since the bank pays 5% interest each year, we know that he will make 5% of what he has each year. He starts with $1,120. 5% of this value is
This is also the same as multiplying instead by 1.05. We repeat this step 5 times, giving us:
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I have $100 in my bank. After one year, I have withdrawn a total of $20 and I still have $85 in the bank. What is the yearly interest rate of my bank account?
I have $100 in my bank. After one year, I have withdrawn a total of $20 and I still have $85 in the bank. What is the yearly interest rate of my bank account?
Since I have withdrawn $20, that means I only have $80 in my account.
imples that
which is 6.25%.
Since I have withdrawn $20, that means I only have $80 in my account.
which is 6.25%.
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Jane borrows 
dollars from the bank. Her loan has an annual interest rate of 
percent. How much interest will she owe after 
years? (Use a simple interest calculation)
Jane borrows
Use the simple interest formula:
Interest equals the initial amount multiplied by the annual interest rate multiplied by the number of years:
Let 
= interest owed
Let 
= principal (aka the initial amount of the loan)
Let 
= interest rate
Let 
= years passed
Therefore:
Use the simple interest formula:
Interest equals the initial amount multiplied by the annual interest rate multiplied by the number of years:
Let
Let
Let
Let
Therefore:
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If there is a 10% sale on an item, and then 9% sales tax is applied to that after-sale price, then what is the total cost of the item including tax as a percentage of its pre-sale sticker price?
If there is a 10% sale on an item, and then 9% sales tax is applied to that after-sale price, then what is the total cost of the item including tax as a percentage of its pre-sale sticker price?
A 10% sale means that the post-sale price of the item is now 90%, or 0.9 of the original cost of the item. We then apply 9% sales tax by multiplying the 0.9 by 109%, or 1.09. 0.9 * 1.09 = .981, so the total cost of the item is 98.1% of the original pre-sale sticker price.
For percentage problems that do not deal with a specific starting number, it is always helpful to plug in 100 for the starting number. Here, we would then have a post-sale price of 90 dollars, and if we calculate the sales tax for the 90-dollar item it would be 90 * 0.09 = $8.10. THis gives us a total cost of 90 + 8.10 = $98.10, or 98.1% of the original 100-dollar price.
A 10% sale means that the post-sale price of the item is now 90%, or 0.9 of the original cost of the item. We then apply 9% sales tax by multiplying the 0.9 by 109%, or 1.09. 0.9 * 1.09 = .981, so the total cost of the item is 98.1% of the original pre-sale sticker price.
For percentage problems that do not deal with a specific starting number, it is always helpful to plug in 100 for the starting number. Here, we would then have a post-sale price of 90 dollars, and if we calculate the sales tax for the 90-dollar item it would be 90 * 0.09 = $8.10. THis gives us a total cost of 90 + 8.10 = $98.10, or 98.1% of the original 100-dollar price.
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A certain state charges sales tax at a rate of 8.75% per dollar spent. John spends $127.50 total, including tax, on clothes. What was the total price of the clothing before tax was added?
A certain state charges sales tax at a rate of 8.75% per dollar spent. John spends $127.50 total, including tax, on clothes. What was the total price of the clothing before tax was added?
Since we know the total price with tax, we simply need to work backwards to remove the tax from the total price and find the price of the clothing itself. This can be done as follows:
Clothing Price or C = Total price / 1 + tax rate
C = $127.50/(1 + 0.0875) = $117.24
Since we know the total price with tax, we simply need to work backwards to remove the tax from the total price and find the price of the clothing itself. This can be done as follows:
Clothing Price or C = Total price / 1 + tax rate
C = $127.50/(1 + 0.0875) = $117.24
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Lisa just bought a desktop computer. The computer cost $1500, the keyboard cost $100, and the mouse cost $25. If the local sales tax is 7%, what was the total cost of her purchases?
Lisa just bought a desktop computer. The computer cost $1500, the keyboard cost $100, and the mouse cost $25. If the local sales tax is 7%, what was the total cost of her purchases?
Total Tax = 
=
Total Cost = Computer + Keyboard + Mouse + Tax = 
Total Tax =
Total Cost = Computer + Keyboard + Mouse + Tax =
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Harry, on his first lunch date with Sally, decides to put the entire bill on his credit card. If the bill came to $28 and Harry wants to leave an 18% tip, what is the total amount that he should pay?
Harry, on his first lunch date with Sally, decides to put the entire bill on his credit card. If the bill came to $28 and Harry wants to leave an 18% tip, what is the total amount that he should pay?
To find an 18% increase, multiply by 1.18.
To find an 18% increase, multiply by 1.18.
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