Tom needs to know how much money is left to pay on a bank loan.He estimates that there is £13000 left to pay.The actual amount is £10699.Calculate the percentage error in his estimate.
Question
Tom needs to know how much money is left to pay on a bank loan.He estimates that there is £13000 left to pay.The actual amount is £10699.Calculate the percentage error in his estimate.
Solution
To calculate the percentage error in Tom's estimate, you need to follow these steps:
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First, find the difference between the estimated amount and the actual amount. In this case, the difference is £13000 (estimated) - £10699 (actual) = £2301.
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Next, divide the difference by the actual amount. So, £2301 / £10699 = 0.215.
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Finally, to get the percentage, multiply the result by 100. So, 0.215 * 100 = 21.5%.
Therefore, the percentage error in Tom's estimate is 21.5%.
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