Math Tutoring on Percent Applications
Percentages are an unavoidable part of our day-to-day life. Some of the important applications are as follows:
1. Percentages are hugely used in money related problems in our daily life. Discounts of any kinds are mostly expressed in Percent.
2. Increase or decrease in Profit Margin is usually expressed in Percent.
3. Percentages are very useful in expressing Fractions. They can be compared more easily than Fractions.
4. Percentages are very useful for the declaration of Commission for Sales Personnel.
5. Appreciation of Articles (such as jewellery) and Depreciation of Items (such as Machinery & Equipment) are generally expressed in terms of Percentage.
6. One of the important applications of Percentage is Expressing Simple Interest. Interest represents a change in money. If we have a Saving Account, the Interest will increase our balance based upon the interest rate paid by the bank. If we have a loan, the interest will increase the amount we owe based upon the interest rate set by the bank.
Simple Interest Formula:
, where I=interest, P=Principal, r=Rate as a decimal & t=time in years.
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1. Mention some important Applications of Percentages.
2. State Simple Interest Formula.
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