CHAPTER 6 - PERCENTS, PERCENT CHANGES, AND APPLICATIONS

OBJECTIVES

• Convert percents to equivalent fractions and decimal numbers.
• Solve percent problems using different methods.
• Calculate bases, rates, or portions of quantities, expressed in percents.
• Identify the terminology used in percent change.
• Use percents to measure percent increase and decrease.
• Calculate the amount and rate of simple interest, principal, time period, and maturity value of investments and loans.
• Calculate gross pay based on annual salary, sales commissions, and hourly rate.

CHAPTER OUTLINE

6.1 Percents

6 Review Exercises

6 Self-Test Exercises

Introduction

In Chapter 2, we learned that fractions and decimal numbers are used to represent portions of a whole number or quantity. In this chapter, we will learn about another form used to represent a part of a whole: percents.

Percents are used to represent the number of parts per one hundred. Due to their simplicity, percents are a widely accepted measure for expressing fractions and decimal numbers. They make comparisons easy, and are used often in our daily lives and in making business decisions; some examples of the use of percents include the interest rate charged by a bank on a loan, the discount offered at a store, the sales tax charged on items purchased, and the commission received by a sales representative.

In this chapter, we will learn the relationship between fractions, decimal numbers, and percents, and learn to solve problems related to percents and percent changes, including business applications such as calculating simple interest and payroll.