7.6 Percentage Applications

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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


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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


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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.


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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?


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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?


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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.


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.interest

Year(s)Later.

Year(s)Later.


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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?


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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_


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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?


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Ap #4 Taxes Tax: A contribution for the support of a

government required of persons, groups,or businesses

Purchased goods: 7%

Income: 18%-40%


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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?


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James makes a monthly wage of$450. He pays 18% in taxes.

a.) How much money will bewithheld?

b.) What is his paycheck?


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7.6 Percentage Applications

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