important formulas for chapter comparing quantities class 7
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Comparing Quantities Class 7 Formulas
Term Formula
Discounts It is the reduction given to the marked price (MP) of an article. One can find the discount by subtracting the discounted price from its marked price.
Discount = Marked Price – Sales Price
Profit and Loss
Profit is the money made from selling the item for a price greater than the cost price. It can be calculated as follows: Profit = S.P – C.P
Loss is the money lost by selling an item for a lesser price than the cost price. It can be calculated as
Loss = C.P – S.P
Sales Tax and VAT
Sales tax is the amount charged by the government on the sale of an item.
Value added tax (VAT) is again the amount charged by the government on the sale of an item. This is collected by the shopkeeper from the customer and later given to the government.
If the tax is x%, then the final price of an item including the tax would be
FinalPrice=Costofanitem+(xcostofanitem)×100
Interest The extra money paid to institutions such as banks and post offices on money deposited with them
Simple Interest Simple interest is calculated using the formula:
SI=P×R×T100
Where, P is the principal
R is the rate of interest
T is the time
Compound Interest Compound Interest is calculated using the formula
A=P(1+R100)n
Where, P is the principal
R is the rate of interest
n is the time for which the money is deposited or borrowed