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Commission, Simple Interest, Markup, Profit

Commission, Simple Interest, Markup, Profit. Week 13. DO NOW (3 mins ) PKB (Prior Knowledge Box ). STANDARD 7NS 1.7 Solve problems that involve markups , commissions, profit and interest . OBJECTIVE Huskies will be able to calculate _________, commissions, _______, and _________.

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Commission, Simple Interest, Markup, Profit

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  1. Commission, Simple Interest, Markup, Profit Week 13

  2. DO NOW (3 mins)PKB (Prior Knowledge Box)

  3. STANDARD 7NS 1.7 Solve problems that involve markups, commissions, profit and interest.

  4. OBJECTIVE Huskies will be able to calculate _________, commissions, _______, and _________.

  5. VOCABULARY • Markups: The ___________ between the wholesale price of an item and the ________ price. • Commission: The amount of money earned based on a percent of _______. • Profit: The difference between ________ and __________. • Interest: Money made off of _____________.

  6. Markups Example 1 A toaster costs the store $12.95. The store marks the toaster up 45% before it is sold retail. At what price will the toaster sel l retail? Step 1: Find the markup by multiplying the percent of markup by the store cost. Step 2: Store cost + markup = retail price The toaster will sell retail for $

  7. Markups YouTry A store that sells skateboards buys them from a Manufacturer at a wholesale price of $57. The store’s markup is 150%. What is the retail price? Solution • Find the amount of the markup. • Markup = = Write 150% as a decimal. = Multiply • Add the markup to the wholesale price. • Retail price = Wholesale price + Markup = Retail Price = $

  8. Profit Example A hair salon buys a bottle of shampoo for $3.50 and sells the same shampoo for $15.99 a bottle. How much profit does the store make when it sells each bottle of shampoo? Step 1: Selling price − expenses = profit The salon makes $ profit on each bottle of shampoo it sells.

  9. Profit YouTry An ice cream shop sells cones that cost the shop $1.25 each. The shop wants to make a 65% profit on each cone sold. How much should the shop charge for each ice cream cone? Step 1: Find the profit by multiplying the percent of markup by the store cost. Step 2: Profit + expenses = selling price The shop should charge $ per cone.

  10. Commission Example Irvin makes 2% commission on the software he sells. Last month he sold $7,500 worth of software. How much should he receive in commission? Step 1: Commission rate x total sales = commission Irvin’s commission is for the month.

  11. Commission YouTry Monica works at Best Buy and makes 3% commission. She sold a washing machine/dryer set for $1,380. What is her commission?

  12. Interest Example Kelly has a saving account with $800. Her interest rate is 6% per year. How much interest will she receive in 2 years? Step 1: Amount in the Account x Interest Rate= Step 2: Yearly interest x How many years=

  13. Interest YouTry Sally puts$200.00 in a bank account. Each year the account earns 8% simple interest. How much interest will be earned in three years?

  14. Prior Knowledge Box (PKB)

  15. Cost of a comic book: $3.95 Markup: 20% • 2) Original price of a CD: $22.99 Discount: 5% • 3) Cost of an oil change: $21.95 Markup: 65%

  16. 4) Anthony receives a 9% commission on magazine subscription sales. Last week, his total sales were $1800. How much commission did he earn?

  17. 5) You sell fruit drinks at the town field. This past weekend, you collected $107. Your expenses for the fruit drinks were $82. What is your profit?

  18. Agenda Homework-Percent Story Problem Worksheet Bring a white board marker (DUE: P.1,3,5- Mondays and Thursday. P.2,4,6- Tuesdays and Fridays)

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