Arcadia Valley Career Technology Center Embedded Mathematics and Communication Arts Credit Version: January 31, 2005
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- GI – FT – ST – FICA – BC = NI
- WC x PMU = RP
- RP x PD = SP
RTP + OP = WIWI x 52 = AGIWhere: W = Weekly Hours; B = Base Hourly Rate; RTP = Regular Time Pay; OP = Overtime Pay; WI = Weekly Income; and AGI = Annual Gross Income. Calculating Net Income: GI – FT – ST – FICA – BC = NIWhere: GI = Gross Income; FT = Federal Taxes; ST = State Taxes; FICA = FICA/Social Security/Medicaid Taxes; BC = Benefit Costs; and NI = Net Income. Calculating Total Price with Sales Tax: RP x ST = TPP Where: RP = Retail Price; ST = Sales Tax and TPP = Total Purchase Price. Calculating Property Tax on a Home: AV x R = PT Where: AV = Assessed Value; R = Rate; and PT = Property Tax. mil = mileage rate and is expressed as $1 for every $1,000 of home assessed value; or it can be stated that 1 mil = 0.001% of the home’s assessed value. Simple Interest Loan (Interest Due for Loan): (P x APR) X LP = ID Where: P = Principal; APR = Annual Percentage Rate; LP = Loan Period (expressed in years); and ID = Interest Due Calculating Savings Account Balance: ID = P x R, where ID = Interest Due; P = Principal; and R = Rate. Calculate for each of the periods required to total the entire Savings Period (divided into the Compounding periods). Each time remember: After calculating the interest due to you for the compounding period, the ‘new’ principal equals the Interest Paid + Previous Balance, then go back to the formula. Calculating a Monthly Payment: (LA x APR) x LP = TP/mnths = MP Where: LA = Loaned Amount; APR = Annual Percentage Rate; LP = Loan Period (expressed in years); TP = Total Principal; mnths = Loan Period expressed as months; and MP = Monthly Payment. Calculating Wholesale Cost, Retail Cost, or Percent Mark-Up: WC x PMU = RPWhere: WC = Wholesale Cost; PMU = Percent Mark-Up; and RP = Retail Price. NOTE: PMU is expressed as a whole + the percent. [For Example: a 35% mark-up equals a PMU of 1.35; a 175% mark-up equals a PMU of 2.75; etc.] Calculating Retail Price, Sale Price, or Percent Discount: RP x PD = SPWhere: RP = Retail Price; PD = Percent Discount; and SP = Sale Price. NOTE: PD is expressed as 100% - the percent. [For Example: a 35% discount equals 65% of the RP; a 15% discount equals 85% of the RP; etc.] PRACTICE PROBLEMS:
Word Problems – Practice: If 2 ½ pounds of fiberglass compound costs $14.85, what is the cost per pound? A salesperson earns $7.25 per hour, plus 2.5% commission on all sales. If the total sales for this employee during a 35-hour workweek were $12,500, what was her gross pay? A mobile home is valued by the local government at $19,500. The personal property tax in the area is 6.25% and the property tax is 6.5 mils. If the mobile home is considered personal property, what is the tax that the local government will charge the owner of the mobile home is it sits in a trailer park? Someone deposits $75 per week into a savings account offering 2.25% interest compounded quarterly. What is the balance at the end of 1 year? (NOTE: 1 quarter = 13 weeks) Principal Amount = $8000, APR = 7 ½ %, loan period is 18 months. Find the estimated monthly payment for the loan. Round to the nearest dollar.
OBJECTIVE: Students will be able to solve problems using basic operations with decimals. Introduction: Decimal numbers are a standard practice in every aspect of our lives and work. The use of decimals is important in communication of fractions. The definition of a decimal can be stated as the portion of the whole amount available, added, or reduced. In like fashion a fraction is defined as a portion of the whole amount. Thus, decimals and fractions are similar. There are three ways that decimals are written: Decimal Fraction; Decimal Number; or Decimal. Other important items in dealing with decimals are: Decimal System – the system of numbers where each digit is assigned a value that is a multiple of 10 depending on the place or location of the digit in the complete number. Digits – any of the numerals 0 to 9 used to express a complete number. Decimal Point – the place where the complete number separates between a whole number and a fraction of a whole number. Thus, all decimal numbers can be expressed in terms of the total amount of wholes plus the fraction of a whole. NOTE: Numbers written without a decimal point are called whole numbers (or integers) – in these numbers the decimal point is assumed to come to the right of the last number. Place Values – the value of the location of a digit in a complete number. The place value determines the value of the digit. Significant Figures – are the figures of a number that begin with the first nonzero figure to the left and with the last figure to the right that is not zero, or is a zero. Rounding – is giving a close approximation of a number. WHERE TO BEGIN: When working with decimal numbers it is VERY IMPORTANT to align the decimal points prior to completing any operations on the numbers. Example:
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