Transcript Sales tax
Facilitated by…… Anna Deroscar Briarcliffe College 6. 1 6.2 6.3 6.4 6.5 6.6 6.7 68. Percent Notation Percent and Fraction Notation Solving Percent Problems Using Percent Equations Solving Percent Problems Using Percent Proportions Applications of Percents Sales Tax, Commission and Discount Simple and Compound Interest Interest Rates on Credit Cards and Loans Key Words Translation “Of”: translates to “multiplication” “What”: translates to “any letter”. “Is”: translates to: “= sign” % translates to: “ Examples: $39 is what percent of $50? Proportion Set-Up Proportion Set-Up Example: a) Example: a) $24 is what percent of $96? What percent of $80 is $60? Example: a) From 1964 to 1997, of 133 panda cubs born in captivity, only 90 lived to be one month old. What percent lived to be one moth old? a) In 1999, Mark Edwards of the Sand Diego Zoo developed a nutritional formula on which 18 of 20 newborns lived to be one month old. What percent lived to be one month old? Sales Tax Sales tax= Sales tax rate x Purchase Price Total Price = Purchase Price + Sales Tax Example: The sales tax rate in New Jersey is 6%. a) How much sales tax would be charged on a copy of John Grisham’ s novel “A Painted House, which sells for $27.95? b) What is the total cost to purchase the book? Round to the nearest hundredth, we are dealing with money Commission= Commission rate x Sales Commission rate= Example: a) Katrina’s commission rate is 6%. What is the commission from the sales of $45,000 worth of furnaces Example: a) Mitchell earns $120 selling $2400 worth of television sets in a consignment shop. What is the commission rate Discount and Sales Price Discount= Rate of discount x Original Price Sale Price= Original price - Discount Example: a) Jennifer is going to purchase a Gucci Bag during the Black Friday week? The original price is $2000 dollars but she has a discount coupon of 40 %. What is her discount? b) What will be Jennifer’s total cost to purchase the her Gucci Bag? Simple Interest Formula What is the simple interest for $200 invested at an interest rate of 7.7% for ½ year? I= Simple interest P= principal R= rate T = time (years) Compound Interest Formula Find the amount in an account if $40,000 is invested at 7.7% semiannually for 4 year? A= Compound Interest Formula P= principal r= rate t = time (years) n = how its compound After graduating the balance on Ricky’s Stafford loan is $38,970. To pay off the loan at 3.37%, he will make 120 payments of approximately $382.99 each. ◦ Find the amount of interest and the amount applied to reduce the principal in the first payment. ◦ If the interest rate were 5.4%, he would make 120 monthly payments of approximately $421 each. How much more of the first payment is interest if the loan is 5.4% rather than 3.7%? ◦ Compare the total amount of interest on the loan at 3.37% with the amount on the loan at 5.4%. How much more would Ricky pay on the 5.4% loan than on the 3.37% loan