welcome to unit 3 consumer mathematics: the mathematics of everyday life

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

11.1 PERCENTS

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

Where do you see % in the real world?

What does percent mean?

derived from the Latin “per centum” with means “per hundred”

How do you convert between decimal, fractions and percents?

Class work

Worksheet #’s 1 – 15 odd

Everybody get up!

Using the index cards find your fraction, decimal and percent equivilance.

Understand the percent equation.

36% of 20 is what?

7% of what is 9?

The percent equation

%

100

is

of

The percent wheel

P = part

% = percent

W = whole

You try

#’s 33 – 39 odd

Tax and Discount

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

You Try

#’s 19, 21, & 23

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?

Percent of Change

Percent of change =

new amount – base amount

base amount

Percent Increase Positive answer

Percent Decrease Negative answer

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.

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?

Percent markup formula

Percent of markup =

selling price – dealer cost

dealer cost

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?

Class work (to be collected) pg. 624 #’s pg. 624 (10, 14, 18, 20, 24,

28, 40, 42, 46, 48, 52, 58, 64

homework

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