Percent Applications in Everyday Life...

Transcription

1 Percent Applications in Everyday Life... The following series of concepts all involve the basic percent-part-whole relationship. The key to solving percent questions lies in understanding what you are really trying to find, and what steps are necessary to get to the end result. You may want to make flash cards to memorize the concepts Commission Some jobs/careers pay an amount based on what a person sells. The amount a person makes in that situation is called their commission. The amount of commission represents a PART of the WHOLE sale. The commission percentage OF the sale IS the amount of commission. commission $$$ = (%commission)(sale)

2 Ex: A real-estate agent makes 4.5% commission on property she sells. How much commission did she make after selling a house for $425,500? Ex: You walk into a fancy dress clothes store. Salesman "Dan" helps you pick out new shoes for $125, a dress shirt for $50, and slacks for $60. Dan tells you to mention his name at the register. If he earns $17.50, what is his commission percentage to the nearest tenth?

3 Royalties Earning a royalty payment is the same CONCEPT as commission. However, royalty payments tend to reoccur over time for the same item. If an outside company or business wants to use a trademarked or copyrighted logo, they must pay a royalty to the original company. When bands or singers put out music, every time someone buys their CD or downloads the songs, they get a percentage from what was paid. royalty earned = (royalty %)(consumer cost of item) or royalty earned = (royalty %)(negotiated price) Money gets accumulated because in many cases, the same item may be bought by many people or the same program aires a number of times for example.

4 Ex: One Direction gets a 3.9% royalty each time someone downloads their songs. If one of their songs was downloaded 25 times in a day, how much money do they earn from the $1.29 itunes cost of the track? (I made this up people. I don't actually know how much One Direction makes!!) Ex: Rick Riordan sells his novels in paperback form for $ If he makes approximately $1.37 from one sale, to the nearest tenth, what is the royalty percentage he is getting?

5 Sales Tax Sales tax is applied to purchased goods. The percent of sales tax does not change based on what you purchase. However, the amount of tax you additionally pay on an item will depend on how expensive the item was to begin with. Sales tax is also based off the Percent-Part-Whole relationship. The monetary amount of tax is PART of your WHOLE bill. When a final bill is calculated, the tax is last to be applied: this occurs after any discounts are taken off. Amount of tax = (sales tax %)(subtotal) Current sales tax percentage in our area (source: salestax.html) New York City Westchester County Yonkers, NewRo, MTV, White Plains 8.375

6 Ex: You go out to dinner in White Plains with your family and your bill is $ Using WP's 8.375% sales tax, calculate your final bill total. The shortcut to get a final total when working with percents is to multiply your starting value by 100% of itself plus any additional percentage. For example in the above question you can multiply times to get your final total.

7 Gratuity (Tipping) Tipping or Gratuity is a PERSONAL MATTER. People's opinions on this vary, there is NOT a set rule on how much to tip. Webster's Dictionary defines Gratuity as "a voluntary gift of money for a service". We will focus our examples on tipping at restaurants. The following statements are GENERALLY accepted norms. Again, people have different opinions on the matter. Typically at a restaurant, people tip between 15% - 20%. Some people tip on the pre-tax amount and some tip on the total (with tax). Though there is no correlation between quality of service and the fact that you get taxed. Amount of tip = (% tip)(pre or post-tax bill)

8 Ex: You spend $8.25 at a diner. What is your final bill with a 15% tip? Ex: If your bill at a restaurant after tip is $52.35, and you left an 18% tip, what was your original bill? Hint: $52.35 is your original bill plus 18% of your original bill.