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Chapter 5: Applying Percents

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Introduction

Here you will learn all about percents and applications of percents. First, you will review how to convert between fractions, decimals, and percents. Then, you will learn how to find the percent of a number and use proportions to solve percent problems. You will also learn to solve real-world problems involving percents including discounts, sales tax, simple interest, and compound interest.

Chapter Outline

Chapter Summary

Summary

You reviewed that percent means out of 100 and that percents can also be written as fractions or decimals. You learned how to solve problems involving percents including finding the percent of a number and finding what percent one number is of another number. To solve these problems you learned how to use the proportion \frac{a}{b}=\frac{p}{100}. You also learned what is meant by a percent increase and a percent decrease and how to calculate these types of percents.

You then learned common applications of percents including discounts and sales tax. Other applications you studied were simple interest and compound interest. You learned the simple interest formula to calculate interest earned is I=Prt. You learned the compound interest formula to calculate the future value of an account earning compound interest is A=P(1+r)^t. In both formulas, P is the principal, r is the rate, and t is the time. One important point to remember is that when working with compound interest, the way you calculate r and t changes depending on how often the interest is compounded.

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Basic

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Date Created:

Sep 20, 2013

Last Modified:

Aug 21, 2014
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