Welcome to Unit 3Consumer mathematics: The mathematics of everyday life 11.1 – Percent 11.2 Understand and Use the Simple and
Compound Interest Formulas 11.3 Understand Consumer Loans and how
Finance Charges work 11.4 Understand, Calculate Future Values and
Determine to Accumulate a Certain Value of Annuities
11.5 Calculate Payoff and Unpaid Balance and Construct a Schedule for an Amortized Loan
11.1 PERCENTS
Objectives:Understand the meaning of percentMake conversions between percent, decimals and fractions.Apply the percent equation to solve problems Apply the percent of change formulas
Where do you see % in the real world?
What does percent mean?
derived from the Latin “per centum” with means “per hundred”
How do you convert between decimal, fractions and percents?
Class work
Worksheet #’s 1 – 15 odd
Everybody get up!
Using the index cards find your fraction, decimal and percent equivilance.
Understand the percent equation.
36% of 20 is what?
7% of what is 9?
The percent equation
%
100
is
of
The percent wheel
P = part
% = percent
W = whole
You try
#’s 33 – 39 odd
Tax and Discount
Original Price of an SUV $55, 595 Employee Discount 10% Tax: 7%
You Try
#’s 19, 21, & 23
Example 1 – Percent of Change
This year tuition at Good Old State was $7965 and for next year the board of trustees has decided to raise the tuition to $8435. What is the percent of increase in the tuition?
Percent of Change
Percent of change =
new amount – base amount
base amount
Percent Increase Positive answer
Percent Decrease Negative answer
Problem 1
Last month the average price per gallon of gasoline was $3.41, and this month the average is $3.54. Find the percent of increase to the nearest tenth of a percent.
Percent of Change in Advertising
Example 2: Monte’s Autorama is having and End of the Year Clearance in which the TV ads proclaim that all cars are sold at 5% markup over the dealer’s cost. Monte has a new Exfinity for sale for $18,970 and you find that this model cost the dealer $17,500. Is Monte being honest in his advertising?
Percent markup formula
Percent of markup =
selling price – dealer cost
dealer cost
Problem 3
The dealer cost for a certain model of a new car is $17,450. The dealer claims that all his cars are sold at 4% markup. The dealership is advertising this same model for $18,250. Is the dealer being honest in his advertising?
Class work (to be collected) pg. 624 #’s pg. 624 (10, 14, 18, 20, 24,
28, 40, 42, 46, 48, 52, 58, 64
homework
HW – pg. 624 11, 13, 19, 21, 25, 29, 31, 33; 35-57odd and 63