Test review
- 1. 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%
- 2. 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% ANSWER $74.38 ANSWER $95
- 3. Essential Questions What 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?
- 4. 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%)
- 5. Most compound interest is compounded monthly or daily or quarterly. For our examples we will just do “annually” – once a year.
- 6. 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
- 7. Review
- 8. 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?
- 9. 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.
- 10. 4. The increase in the wholesale price of an item is a _________.
- 11. 4. The increase in the wholesale price of an item is a _________. Markup
- 12. 5. A decrease in the price of an item is a _________. Discount
- 13. 6. The amount of money that you borrow or deposit is called the _________. Principal
- 14. 7. The amount of money paid for the use of money is called the _________.
- 15. 7. The amount of money paid for the use of money is called the _________. interest
- 16. 8. The percent of the principal that you pay or earn each year is called the _________.
- 17. 8. The percent of the principal that you pay or earn each year is called the _________. Annual interest rate
- 18. 12. Write as a unit rate. $3.36 / 2 gallons
- 19. 12. Write as a unit rate. $3.36 / 2 gallons $1.68/ gallon
- 20. 14. Write as a unit rate. 90 miles/ 4 hours
- 21. 14. Write as a unit rate. 90 miles/ 4 hours 22.5 miles/ hour
- 22. 16. Write as a unit rate. 48 points/ 4 quarters
- 23. 16. Write as a unit rate. 48 points/ 4 quarters 12 points/ quarter
- 24. 18. Write as a unit rate. $17.25/ 5 pounds
- 25. 18. Write as a unit rate. $17.25/ 5 pounds $3.45/ pound
- 26. 20. Solve the proportion. 5/13 = 18/c
- 27. 20. Solve the proportion. 5/13 = 18/c 46.8
- 28. 22. Solve the proportion. n/12 = 7/8
- 29. 22. Solve the proportion. n/12 = 7/8 10.5
- 30. 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.
- 31. 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
- 32. 26. You can read 51 pages in 45 minutes. How many pages can you read in an hour?
- 33. 26. You can read 51 pages in 45 minutes. How many pages can you read in an hour? 68 pages
- 34. 28. What number is 95% of 26?
- 35. 28. What number is 95% of 26? Is/of = %/100 24.7
- 36. 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
- 37. 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
- 38. 41. A moving van’s load changed from 800 pounds to 984 pounds after picking up an appliance. Find the percent of increase.
- 39. 41. A moving van’s load changed from 800 pounds to 984 pounds after picking up an appliance. Find the percent of increase. 23%
- 40. 42. Find the retail price. Wholesale price: $30 Percent markup: 70%
- 41. 42. Find the retail price. Wholesale price: $30 Percent markup: 70% $51
- 42. 43. Find the sale price. Original price: $72 Percent discount: 18%
- 43. 43. Find the sale price. Original price: $72 Percent discount: 18% $59.04
- 44. 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. 45. 72 is 75% of what number? 96
- 46. 46. What number is 34% of 856? 291.04
- 47. 47. Find the amount of simple interest. Principal: $460 Annual rate: 3.5% Time: 3 years
- 48. 47. Find the amount of simple interest. Principal: $460 Annual rate: 3.5% Time: 3 years $48.30
- 49. 48. Find the amount of simple interest. Principal: $1540 Annual rate: 2.75% Time: 3 years
- 50. 48. Find the amount of simple interest. Principal: $1540 Annual rate: 2.75% Time: 3 years $127.05
- 51. Homework Page 388 #4-8, 12-28 even, 40-48 all