8.4 The student will solve practical problems involving consumer applications. Understanding the Standard Essential Knowledge and Skills The student will use problem solving, mathematical Rational numbers may be expressed as whole numbers, integers, fractions, percents, and numbers communication, mathematical reasoning, connections, and written in scientific notation. representations to Practical problems may include, but are not limited to, those related to economics, sports, science, Solve practical problems involving consumer applications by social science, transportation, and health. Some examples include problems involving the amount of using proportional reasoning and computation procedures for a pay check per month, commissions, fees, the discount price on a product, temperature, simple rational numbers. interest, sales tax and installment buying. Reconcile an account balance given a statement with five or A percent is a ratio with a denominator of 100. fewer transactions. Reconciling an account is a process used to verify that two sets of records (usually the balances of Compute a discount or markup and the resulting sale price for two accounts) are in agreement. Reconciliation is used to ensure that the balance of an account one discount or markup. matches the actual amount of money deposited and/or withdrawn from the account. Compute the sales tax or tip and resulting total. A discount is a percent of the original price. The discount price is the original price minus the Compute the simple interest and new balance earned in an discount. investment or on a loan given the principal amount, interest Simple interest (I) for a number of years is determined by finding the product of the principal (p), the rate, and time period in years. annual rate of interest (r), and the number of years (t) of the loan or investment using the formula = I Compute the percent increase or decrease found in a practical prt. situation. The total value of an investment is equal to the sum of the original investment and the interest earned. The total cost of a loan is equal to the sum of the original cost and the interest paid. Percent increase and percent decrease are both percents of change measuring the percent a quantity increases or decreases.
8.4 The student will solve practical problems involving consumer applications. Understanding the Standard Essential Knowledge and Skills Rational numbers may be expressed as whole numbers, integers, fractions, percents, and numbers written in scientific notation. Practical problems may include, but are not limited to, those related to economics, sports, science, social science, transportation, and health. Some examples include problems involving the amount of a pay check per month, commissions, fees, the discount price on a product, temperature, simple interest, sales tax and installment buying. A percent is a ratio with a denominator of 100. Reconciling an account is a process used to verify that two sets of records (usually the balances of two accounts) are in agreement. Reconciliation is used to ensure that the balance of an account matches the actual amount of money deposited and/or withdrawn from the account. A discount is a percent of the original price. The discount price is the original price minus the discount. Simple interest (I) for a number of years is determined by finding the product of the principal (p), the annual rate of interest (r), and the number of years (t) of the loan or investment using the formula I = prt. The total value of an investment is equal to the sum of the original investment and the interest earned. The total cost of a loan is equal to the sum of the original cost and the interest paid. Percent increase and percent decrease are both percents of change measuring the percent a quantity increases or decreases. The student will use problem solving, mathematical communication, mathematical reasoning, connections, and representations to Solve practical problems involving consumer applications by using proportional reasoning and computation procedures for rational numbers. Reconcile an account balance given a statement with five or fewer transactions. Compute a discount or markup and the resulting sale price for one discount or markup. Compute the sales tax or tip and resulting total. Compute the simple interest and new balance earned in an investment or on a loan given the principal amount, interest rate, and time period in years. Compute the percent increase or decrease found in a practical situation.
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