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In the following exercises, solve.

Casey deposited $1,450 in a bank account with interest rate 4%. How much interest was earned in two years?

$116

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Terrence deposited $5,720 in a bank account with interest rate 6%. How much interest was earned in 4 years?

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Robin deposited $31,000 in a bank account with interest rate 5.2%. How much interest was earned in 3 years?

$4,836

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Carleen deposited $16,400 in a bank account with interest rate 3.9%. How much interest was earned in 8 years?

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Hilaria borrowed $8,000 from her grandfather to pay for college. Five years later, she paid him back the $8,000, plus $1,200 interest. What was the rate of interest?

3%

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Kenneth loaned his niece $1,200 to buy a computer. Two years later, she paid him back the $1,200, plus $96 interest. What was the rate of interest?

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Lebron loaned his daughter $20,000 to help her buy a condominium. When she sold the condominium four years later, she paid him the $20,000, plus $3,000 interest. What was the rate of interest?

3.75%

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Pablo borrowed $50,000 to start a business. Three years later, he repaid the $50,000, plus $9,375 interest. What was the rate of interest?

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In 10 years, a bank account that paid 5.25% earned $18,375 interest. What was the principal of the account?

$35,000

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In 25 years, a bond that paid 4.75% earned $2,375 interest. What was the principal of the bond?

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Joshua’s computer loan statement said he would pay $1,244.34 in interest for a 3-year loan at 12.4%. How much did Joshua borrow to buy the computer?

$3,345

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Margaret’s car loan statement said she would pay $7,683.20 in interest for a 5-year loan at 9.8%. How much did Margaret borrow to buy the car?

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Solve Applications with Discount or Mark-up

In the following exercises, find the sale price.

Perla bought a cell phone that was on sale for $50 off. The original price of the cell phone was $189.

$139

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Sophie saw a dress she liked on sale for $15 off. The original price of the dress was $96.

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Rick wants to buy a tool set with original price $165. Next week the tool set will be on sale for $40 off.

$125

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Angelo’s store is having a sale on televisions. One television, with original price $859, is selling for $125 off.

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In the following exercises, find the amount of discount and the sale price.

Janelle bought a beach chair on sale at 60% off. The original price was $44.95.

$26.97 $17.98

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Errol bought a skateboard helmet on sale at 40% off. The original price was $49.95.

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Kathy wants to buy a camera that lists for $389. The camera is on sale with a 33% discount.

$128.37 $260.63

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Colleen bought a suit that was discounted 25% from an original price of $245.

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Erys bought a treadmill on sale at 35% off. The original price was $949.95 (round to the nearest cent.)

$332.48 $617.47

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Jay bought a guitar on sale at 45% off. The original price was $514.75 (round to the nearest cent.)

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In the following exercises, find the amount of discount and the discount rate. (Round to the nearest tenth of a percent if needed.)

Larry and Donna bought a sofa at the sale price of $1,344. The original price of the sofa was $1,920.

$576 30%

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Hiroshi bought a lawnmower at the sale price of $240. The original price of the lawnmower is $300.

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Patty bought a baby stroller on sale for $301.75. The original price of the stroller was $355.

$53.25 15%

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Bill found a book he wanted on sale for $20.80. The original price of the book was $32.

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Nikki bought a patio set on sale for $480. The original price was $850. To the nearest tenth of a percent, what was the rate of discount?

$370 43.5%

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Stella bought a dinette set on sale for $725. The original price was $1,299. To the nearest tenth of a percent, what was the rate of discount?

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In the following exercises, find the amount of the mark-up and the list price.

Daria bought a bracelet at original cost $16 to sell in her handicraft store. She marked the price up 45%.

$7.20 $23.20

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Regina bought a handmade quilt at original cost $120 to sell in her quilt store. She marked the price up 55%.

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Tom paid $0.60 a pound for tomatoes to sell at his produce store. He added a 33% mark-up.

$0.20 $0.80

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Flora paid her supplier $0.74 a stem for roses to sell at her flower shop. She added an 85% mark-up.

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Alan bought a used bicycle for $115. After re-conditioning it, he added 225% mark-up and then advertised it for sale.

$258.75 $373.75

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Michael bought a classic car for $8,500. He restored it, then added 150% mark-up before advertising it for sale.

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Everyday math

Leaving a Tip At the campus coffee cart, a medium coffee costs $1.65. MaryAnne brings $2.00 with her when she buys a cup of coffee and leaves the change as a tip. What percent tip does she leave?

21.2%

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Splitting a Bill Four friends went out to lunch and the bill came to $53.75. They decided to add enough tip to make a total of $64, so that they could easily split the bill evenly among themselves. What percent tip did they leave?

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Writing exercises

Without solving the problem “44 is 80% of what number” think about what the solution might be. Should it be a number that is greater than 44 or less than 44? Explain your reasoning.

The number should be greater than 44. Since 80% equals 0.8 in decimal form, 0.8 is less than one, and we must multiply the number by 0.8 to get 44, the number must be greater than 44.

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Without solving the problem “What is 20% of 300?” think about what the solution might be. Should it be a number that is greater than 300 or less than 300? Explain your reasoning.

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After returning from vacation, Alex said he should have packed 50% fewer shorts and 200% more shirts. Explain what Alex meant.

He meant that he should have packed half the shorts and twice the shirts.

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Because of road construction in one city, commuters were advised to plan that their Monday morning commute would take 150% of their usual commuting time. Explain what this means.

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Self check

After completing the exercises, use this checklist to evaluate your mastery of the objectives of this section.

This is a table that has two rows and four columns. In the first row, which is a header row, the cells read from left to right “I can…,” “Confidently,” “With some help,” and “No-I don’t get it!” The first column below “I can…” reads “translate and solve basic percent equations,” “solve percent applications,” “find percent increase and percent decrease,” “solve simple interest applications,” and “solve applications with discount or mark-up.” The rest of the cells are blank.

After reviewing this checklist, what will you do to become confident for all goals?

Practice Key Terms 9

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Source:  OpenStax, Elementary algebra. OpenStax CNX. Jan 18, 2017 Download for free at http://cnx.org/content/col12116/1.2
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