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Percent Applications by: Mrs. Fredericks

Percent Applications by: Mrs. Fredericks. Commission Percent Change Mark up/Mark down Simple Interest. Commission – a fee or percentage given to a sales representative or agent for making a sale. The commission is a part of the total sales made by the person, which is the whole.

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Percent Applications by: Mrs. Fredericks

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  1. Percent Applicationsby: Mrs. Fredericks Commission Percent Change Mark up/Mark down Simple Interest

  2. Commission – a fee or percentage given to a sales representative or agent for making a sale. • The commission is a part of the total sales made by the person, which is the whole. = part = percent • whole = commission = percent• total sales

  3. Commission Example: Bob sold 2 used cars for $8,000 and $3000. He gets 5% commission for his total sales. How much money does he get? = commission = percent• total sales = use the decimal form of the % x = 0.05 • 11000 = x = $550 x = $550 commission

  4. Percent Change – the ratio of the amount of change to the original amount. Can be an increase or decrease. • the amount(difference) of change is the part and the original amount is the whole. = =

  5. Percent change example: The price of a 10 ounce steak at the Outback last year was $15.99, this year the same steak costs $18.79. What is the percent increase? = $18.79 – 15. 99 = $2.80 = = x = 17.5 % increase in price

  6. Mark up – the amount of money a store adds to the wholesale price to sell the item for a profit. • Mark down – it is like a discount on the price. = part = percent • whole = mark up = percent• price You may also multiply the price by 100% + mark up %.

  7. Mark up example: Mario’s Clothes buys dress shirts for $24 each. They will mark up the price 40%. What price will the shirts sell for? = mark up = percent • price = use the decimal form of the % x = 0.40 • 24 = x = $9.60 x= $9.60 so the shirt is $24 + 9.60 = $33.60 You may also multiply the price by 100% + mark up %. $24 • 1.40 = $33.60 1.4 = 140 % (100 for price 40 mark up)

  8. Simple Interest – amount of money earned on a deposit or paid for a loan. • It is a different kind of percent problem. Interest = principle• rate • time • Interest is paid or earned on the principle • The principle is the amount deposited or borrowed for a loan $$$$$ • Rate is the percent given by the bank %%% • Time is in years deposited or borrowed

  9. Interest example: Lisa borrows $1000 from her bank at 8% interest for 6 months. How much interest does she have to repay? 6 months = = a year (0.5) I = p • r • t (% as a decimal) I = (1000)(0.08)(0.5) I = $40 interest owed She will have to pay back $1000 and $40 interest for a total of $1040

  10. Commission Practice problem: Michelle sells clothing at Lord and Taylor. She earns $250 a week plus 3% of her sales. If she sold $1300 of clothes this week, how much does she earn? • Remember she will earn the $250 even if she does not sell any clothing • She receives 3% of the amount of her sales (what are her sales?)

  11. Commission problem solution: (her sales are $1300) = commission = percent• total sales = use the decimal form of the % = commission = 0.03 • 1300 x = $39 commission x = $39 commission So her total earnings are: $250 + $39 = $289 for this week

  12. Percent Change Practice Problem: Last year at Genoa Middle School there were 525 seventh grade students. This year there are 465 seventh grade students. What is the percent change, and is it an increase or decrease? • First you need to find the amount of the change • How do you tell if it is an increase or decrease?

  13. Percent change problem solution: = 525 – 465 = 60 ( amount of change) = = x = 11.4 or 11 % decrease because the number of students went down not up

  14. Percent mark up practice problem: A store buys lamps for $28 and marks the price up 125%. What is the retail price charged by the store? • Remember that there are 2 ways to solve this problem. • Think about the reasonableness of your answer.

  15. Percent mark up solution: = mark up = percent • price = use the decimal form of the % x = 1.25 • 28 = x = $35 x= $35.00 so the lamp is $28 + 35 = $63 You may also multiply the price by 100% + mark up %. $28 • 2.25 = $63 2.25 = 225 % (100 for price 125 mark up)

  16. Simple Interest Practice Problem: Leann deposits $1800 in her savings account that earns 5% interest for 2 years. How much money is in her account at the end of that time? • Remember to write the percent as a decimal • Remember to convert the time to years if necessary

  17. Simple interest solution: I = p • r • t (% as a decimal) I = (1800)(0.05)(2) I = $180 interest earned She will the $1800 she started with and $180 interest for a total of $1980

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