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Welcome to Unit 3 Consumer mathematics: The mathematics of everyday life

Welcome to Unit 3 Consumer 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

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Welcome to Unit 3 Consumer mathematics: The mathematics of everyday life

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  1. 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

  2. 11.1 PERCENTS Objectives: Understand the meaning of percent Make conversions between percent, decimals and fractions. Apply the percent equation to solve problems Apply the percent of change formulas

  3. Where do you see % in the real world?

  4. What does percent mean? • derived from the Latin “per centum” with means “per hundred” • How do you convert between decimal, fractions and percents?

  5. Class work Worksheet #’s 1 – 15 odd

  6. Everybody get up! • Using the index cards find your fraction, decimal and percent equivilance.

  7. Understand the percent equation. • 36% of 20 is what? • 7% of what is 9?

  8. The percent equation

  9. The percent wheel P = part % = percent W = whole

  10. You try • #’s 33 – 39 odd

  11. Tax and Discount • Original Price of an SUV $55, 595 • Employee Discount 10% • Tax: 7%

  12. You Try • #’s 19, 21, & 23

  13. 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?

  14. Percent of Change • Percent of change = new amount – base amount base amount • Percent Increase • Positive answer • Percent Decrease • Negative answer

  15. 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.

  16. 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?

  17. Percent markup formula Percent of markup = selling price – dealer cost dealer cost

  18. 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?

  19. Class work (to be collected) • pg. 624 #’s pg. 624 (10, 14, 18, 20, 24, 28, 40, 42, 46, 48, 52, 58, 64

  20. homework • HW – pg. 624 11, 13, 19, 21, 25, 29, 31, 33; 35-57odd and 63

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