Daily Homework Quiz For use after Lesson 7.7 1. Find the amount of simple interest earned on a principal of $850 at an annual rate of 3.5% for 2.5 years. 2. Original price: $38 Markup: 150%
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Daily Homework Quiz For use after Lesson 7.7
1. Find the amount of simple interest earned on a principal of $850 at an annual rate of 3.5% for 2.5 years.
2. Original price: $38Markup: 150%
Daily Homework Quiz For use after Lesson 7.7
1. Find the amount of simple interest earned on a principal of $850 at an annual rate of 3.5% for 2.5 years.
ANSWER $74.38
2. Original price: $38Markup: 150%ANSWER $95
Essential QuestionsWhat are different situations
percents are used in real life?As a consumer, why is it
important for you to know about percents?
How important is it to be able to understand the relationship between fractions and percents? Why?
Interest rates in the “REAL” world are calculated using COMPOUND INTEREST.
Compound interest is more complicated to figure and is really figured with just a calculator. There a computer programs to calculate compound interest.
Credit cards use compound interest at very high rates. This is why many people can’t get their credit card balanced paid off. (18-25%)
Most compound interest is compounded monthly or daily or quarterly. For our examples we will just do “annually” – once a year.
Loan: $5000 at 9% compounded annually for 3 years.
Year 1 I = 5000 (0.09)(1) = 450 (interest)
= 5450 Year 2 I = 5450 ( 0.09) (1) = 490.50 (interest)
= 5940.50 Year 3 I = 5940.50 (0.09) (1) = 534.65 Total: $6475.15 for loan
Review
Revisiting the problem from the start of the unit
Is a discount of 30% off the original price, followed by a discount of 50% off the sale price, the same as a discount of 80% from the original price?
Review
Page 388 #4-8, 12-28 even, 40-48 all
We are going to do the problems together. Any problems we don’t get to become homework.
4.
The increase in the wholesale price of an item is a _________.
4.
The increase in the wholesale price of an item is a _________.
Markup
5.
A decrease in the price of an item is a _________.
Discount
6.
The amount of money that you borrow or deposit is called the _________.
Principal
7.
The amount of money paid for the use of money is called the _________.
7.
The amount of money paid for the use of money is called the _________.
interest
8.
The percent of the principal that you pay or earn each year is called the _________.
8.
The percent of the principal that you pay or earn each year is called the _________.
Annual interest rate
12.
Write as a unit rate. $3.36 / 2 gallons
12.
Write as a unit rate. $3.36 / 2 gallons
$1.68/ gallon
14.
Write as a unit rate. 90 miles/ 4 hours
14.
Write as a unit rate. 90 miles/ 4 hours
22.5 miles/ hour
16.
Write as a unit rate. 48 points/ 4 quarters
16.
Write as a unit rate. 48 points/ 4 quarters
12 points/ quarter
18.
Write as a unit rate. $17.25/ 5 pounds
18.
Write as a unit rate. $17.25/ 5 pounds
$3.45/ pound
20.
Solve the proportion. 5/13 = 18/c
20.
Solve the proportion. 5/13 = 18/c
46.8
22.
Solve the proportion. n/12 = 7/8
22.
Solve the proportion. n/12 = 7/8
10.5
24.
A map has a scale of 1 inch:10 miles. The actual distance between two cities is 105 miles. Write and solve a proportion to find the distance between the cities on the map.
24.
A map has a scale of 1 inch:10 miles. The actual distance between two cities is 105 miles. Write and solve a proportion to find the distance between the cities on the map.
1/10 = n /105 n = 10.5 in
26.
You can read 51 pages in 45 minutes. How many pages can you read in an hour?
26.
You can read 51 pages in 45 minutes. How many pages can you read in an hour?
68 pages
28.
What number is 95% of 26?
28.
What number is 95% of 26?
Is/of = %/100 24.7
40.
Find the percent of increase or decrease. Tell whether its and increase or decrease. Round to the nearest whole percent.
Original amount: $90 New Amount: $220
40.
Find the percent of increase or decrease. Tell whether its and increase or decrease. Round to the nearest whole percent.
Original amount: $90 New Amount: $220
144% increase
41.
A moving van’s load changed from 800 pounds to 984 pounds after picking up an appliance. Find the percent of increase.
41.
A moving van’s load changed from 800 pounds to 984 pounds after picking up an appliance. Find the percent of increase.
23%
42.
Find the retail price. Wholesale price: $30 Percent markup: 70%
42.
Find the retail price. Wholesale price: $30 Percent markup: 70%
$51
43.
Find the sale price. Original price: $72 Percent discount: 18%
43.
Find the sale price. Original price: $72 Percent discount: 18%
$59.04
44.
Your meal at a restaurant costs $14.99. Sales tax is 3%. You leave a 15% tip. How much did you spend?
$17.69
45.
72 is 75% of what number?
96
46.
What number is 34% of 856?
291.04
47.
Find the amount of simple interest. Principal: $460 Annual rate: 3.5% Time: 3 years
47.
Find the amount of simple interest. Principal: $460 Annual rate: 3.5% Time: 3 years
$48.30
48.
Find the amount of simple interest. Principal: $1540 Annual rate: 2.75% Time: 3 years
48.
Find the amount of simple interest. Principal: $1540 Annual rate: 2.75% Time: 3 years
$127.05
Homework
Page 388 #4-8, 12-28 even, 40-48 all
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