Integrated Algebra - Name NOTES: Percent Applications Date Today’s Objective Review how to order fractions, decimals and percents. Apply what we know about percents to common real-world applications. Percent/Fraction/Decimal “Quick Review” Write the following list of numbers in order from least to greatest: 1 1 , 5.3%, 5.1, 0.005, 20 2 Commission A commission is money paid to a person or a company for making a sale. Usually, the commission is a PERCENT of the total amount made. 1. A telemarketer earns $350 per week, plus 12% commission on her sales. Find her total pay for a week in which she made $940 in sales. Simple Interest When you borrow money from a bank, interest is the amount of money charged for borrowing that money. You can also earn interest when you deposit money into a bank. You earn money, because the bank will use YOUR money when someone else needs to borrow money. We use a nice, neat formula to compute simple interest: Interest Rate as a DECIMAL (r) Simple Interest I = prt (I) Time, in YEARS (t) Principal - $$ you borrow or invest (p) 1. Find the simple interest earned after 2 years on an investment of $3000 at 4.5% interest earned annually. 2. The simple interest paid on a loan after 6 months was $306. The annual interest rate was 8%. Find the principal amount. Tip (Gratuity) and Sales Tax A tip is an amount of money added to a bill for a service; it is usually a percent of the bill before sales tax is added. 1. Most restaurants automatically add in a tip of 18% for parties of 6 or more. Find the gratuity that would be added to a bill of $113.82 for a group of 8 people. 2. Estimate how much a 15% tip would be on a check for $21.98. Sales tax is a percent of an item’s cost that is added to the bill. 1. Connecticut’s sales tax rate is 6.35%. Find the amount of tax that would be paid on a clothing bill of $164.53. 2. Estimate how much tax would be paid on a pair of shoes that cost $68.50 when the sales tax rate is 8.25%.
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