In this section, we solve word problems that require us to apply what we learned in previous sections on representing percents and converting among fractions, decimals, and percents. Also, we apply what we learned about multiplying decimal numbers to calculate discounts on items. In addition, we apply the knowledge of dividing decimal numbers to calculate percentages from given fractions. When calculating percentages, we use loading-strip models from a previous section. Finally, we complete problems on simple and compound interest. When you borrow money from the bank, you have to pay to use this money. This payment is called interest.
Applications of percents
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Examples
- A vacation package is advertised as $1550. The package is advertised as 30% off. Calculate the new price of the package. Show your reasoning.
- A clothing store is clearing last season's stock at 45% off. A shirt is selling for $66.00 off the original price. Calculate the original price.
- Your bill at a restaurant is $22.00 and you want to leave a 15% tip. Calculate the tip.
- George borrowed $200.00 from a bank for one year at 9% interest. Calculate the total amount George owed at the end of the year.
- Yan has $450 in a savings account. The interest rate is 7%, compounded annually. How much will he have after 2 years?