1 / 11

Using Percents

Using Percents. Goals:. Learn to find c ommission and sales tax . Learn to compute simple interest. What is commission?.

kimama
Download Presentation

Using Percents

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Using Percents

  2. Goals: • Learn to find commission and sales tax. • Learn to compute simple interest.

  3. What is commission? • Real estate agents often work for commission. A commission is a fee paid to a person who makes a sale. It is usually a percent of the selling price. This percent is called the commission rate. • commission ratesales = commission

  4. Calculate Commission • A real-estate agent is paid a monthly salary of $900 plus commission. Last month he sold one condominium for $65,000, earning a 4% commission on the sale. How much was his commission? What was his total pay last month? First find his commission. 4%  $65,000 = ccommission rate  sales = commission 0.04  65,000 = cChange the percent to a decimal. 2600 = cSolve for c.

  5. Calculate Commission … He earned a commission of $2600 on the sale. Now find his total pay for last month. $2600 + $900 = $3500 commission + salary = total pay His total pay for last month was $3500.

  6. What is sales tax? • Sales tax is the tax on the sale of an item or service. It is a percent of the purchase price and is collected by the seller. Sales tax ratepurchase price= tax to be paid

  7. CD: 2 at $16.99 $33.98 DVD: 1 at $36.29 $36.29 Calculate Sales Tax If the sales tax rate is 6.5%, how much tax would Adrian pay if he bought two CDs at $16.99 each and one DVD for $36.29? $70.27 Total Price 0.065 70.27 = 4.56755Convert tax rate to a decimal and multiply by the total price. Adrian would pay $4.57 in sales tax.

  8. Rate of interestis the percent charged or earned Simple Interest Time that the money is borrowed or invested (in years) Principal is the amount of money borrowed or invested What is interest? When you borrow money from a bank, you pay interest for the use of the bank’s money. When you deposit money into a savings account, you are paid interest. Simple interest is one type of fee paid for the use of money. I= Prt

  9. Calculate Simple Interest To buy a car, Jessica borrowed $15,000 for 3 years at an annual simple interest rate of 9%. How much interest will she pay if she pays the entire loan off at the end of the third year? What is the total amount that she will repay? First, find the interest she will pay. I = PrtUse the formula. I = 15,000  0.09 3 Substitute. Use 0.09 for 9%. • I = 4050Solve for I.

  10. Calculate Simple Interest… Jessica will pay $4050 in interest. You can find the total amount A to be repaid on a loan by adding the principal P to the interest I. P+ I = Aprincipal + interest = amount 15,000 + 4050 = ASubstitute. Jessica will repay a total of $19,050 on her loan.

  11. Practice, Practice, Practice  • 1. The lunch bill was $8, and you want to leave a 15% tip. How much should you tip? • 2. The sales tax is 5.75%, and the shirt costs $20. What is the total cost of the shirt? • 3. A bank is offering 2.5% simple interest on a savings account. If you deposit $5000, how much interest will you earn in one year? $1.20 $21.15 $125

More Related