7/31/2019 7.6 Percentage Applications
1/15
7/25/12
Chapter 7. 6 Applications ofpercentages
Objectives:
1.) Review how to calculate thepercentage of a whole
2.) Understand how percentages
apply to interest3.) Understand how percentages applyto tipping etiquette
4.) Understand how percentages apply
7/31/2019 7.6 Percentage Applications
2/15
7/31/2019 7.6 Percentage Applications
3/15
7/25/12
Ap #1: BAD Interest
LOAN: borrowed lump of money
Interest on a LOAN: The CHARGE for
borrowing money from bank/lender
Investopedia
http://www.investopedia.com/terms/i/interest.asp
7/31/2019 7.6 Percentage Applications
4/15
7/25/12
Just a fact
At Iowa State Bank in Sac City, therates on CDs and savings accounts:the best rates we have are 1.25%
on savings and 2.5 on a CD I dobelieve!!
Loans range from 4.25-9% mostlybut we have some that can go 18%on our not so good customers.
7/31/2019 7.6 Percentage Applications
5/15
7/25/12
Example: BAD Interest
Derric takes out a $2,000 loan fromIowa State Bank. They charge a 9%annual interest rate.
a.) What is the interest?
b.) How much total does Derric owethe bank?
7/31/2019 7.6 Percentage Applications
6/15
7/25/12
Example: BAD Interest
Derric takes out a $2,000 loan fromIowa State Bank. They charge a 9%annual interest rate.
At the end of one year, how much
does Derric owe the bank?
7/31/2019 7.6 Percentage Applications
7/15
7/25/12
Ap #2: GOOD Interest
Savings Account: A bankarrangement where a person setsaside money; they in a way lend
money to a bank. The person collectsinterest from the bank.
7/31/2019 7.6 Percentage Applications
8/15
7/25/12
.interest
Year(s)Later.
Year(s)Later.
7/31/2019 7.6 Percentage Applications
9/15
7/25/12
Example: Good interest
Cody INVESTS his money in a savingsaccount. He puts $5,500 in the bankwhich offers him a 2% interest rate.
a.) How much money will he earn in
interest?
b.) How much total will he receive
back at the end of the year?
7/31/2019 7.6 Percentage Applications
10/15
7/25/12
Ap #3: Tipping Etiquette
- Tip your waiter/waitress 15% -20% ofyour untaxed bill
According to an etiquette advise websitehttp://www.etiquettescholar.com/dining_etiquette/tipping_
7/31/2019 7.6 Percentage Applications
11/15
7/25/12
Example: Tipping
Alex and her family receives wonderfulservice. Her bill not including tax is$24.85. She will tip her server
__________%.
a.) How much will she be adding asa tip?
b.) How much will her total bill be?
7/31/2019 7.6 Percentage Applications
12/15
7/25/12
Ap #4 Taxes Tax: A contribution for the support of a
government required of persons, groups,or businesses
Purchased goods: 7%
Income: 18%-40%
7/31/2019 7.6 Percentage Applications
13/15
7/25/12
Example: TaxesIf this person had a wage of$83,744.23, but there was $21,085.32
withheld for taxes, what percent of theearnings is going to taxes?
7/31/2019 7.6 Percentage Applications
14/15
7/25/12
James makes a monthly wage of$450. He pays 18% in taxes.
a.) How much money will bewithheld?
b.) What is his paycheck?
7/31/2019 7.6 Percentage Applications
15/15
7/25/12