2 DO NOW (3 mins) PKB (Prior Knowledge Box) Topic: Commission, Simple Interest, etc.MisconceptionsComplete this side only. List anything that you know about the above topic.2
3 STANDARD 7NS 1.7 Solve problems that involve markups, commissions, profit and interest.
4 OBJECTIVE Huskies will be able to calculate _________, commissions, _______, and _________.
5 VOCABULARYMarkups: The ___________ between the wholesale price of an item and the ________ price.Commission: The amount of money earned based on a percent of _______.Profit: The difference between ________ and __________.Interest: Money made off of _____________.
6 Markups Example 1A toaster costs the store $ The store marks the toaster up 45% before it is sold retail. At what price will the toaster sel l retail? Step 1: Find the markup by multiplying the percent of markup by the store cost. Step 2: Store cost + markup = retail price The toaster will sell retail for $
7 Markups YouTry A store that sells skateboards buys them from a Manufacturer at a wholesale price of $57. The store’s markup is 150%.What is the retail price?SolutionFind the amount of the markup.Markup == Write 150% as a decimal.= MultiplyAdd the markup to the wholesale price.Retail price = Wholesale price + Markup=Retail Price = $
8 Profit Example Step 1: Selling price − expenses = profit A hair salon buys a bottle of shampoo for $3.50 and sells the same shampoo for $ a bottle. How much profit does the store make when it sells each bottle of shampoo?Step 1: Selling price − expenses = profitThe salon makes $ profit on each bottle of shampoo it sells.
9 Profit YouTryAn ice cream shop sells cones that cost the shop $1.25 each. The shop wants to make a 65% profit on each cone sold. How much should the shop charge for each ice cream cone?Step 1: Find the profit by multiplying the percent of markup by the store cost.Step 2: Profit + expenses = selling priceThe shop should charge $ per cone.
10 Commission ExampleIrvin makes 2% commission on the software he sells. Last month he sold $7,500 worth of software. How much should he receive in commission? Step 1: Commission rate x total sales = commission Irvin’s commission is for the month.
11 Commission YouTryMonica works at Best Buy and makes 3% commission. She sold a washing machine/dryer set for $1,380. What is her commission?
12 Interest ExampleKelly has a saving account with $800. Her interest rate is 6% per year. How much interest will she receive in 2 years? Step 1: Amount in the Account x Interest Rate= Step 2: Yearly interest x How many years=
13 Interest YouTrySally puts$ in a bank account. Each year the account earns 8% simple interest. How much interest will be earned in three years?
14 Prior Knowledge Box (PKB) Topic: Commission, Mark-ups, etc.MisconceptionsWhat did you think you knew but you found out was a misconception? If you didn’t have any prior knowledge, what did you learn/ review today?
15 Cost of a comic book: $3.95 Markup: 20% 2) Original price of a CD: $ Discount: 5%3) Cost of an oil change: $ Markup: 65%
16 4) Anthony receives a 9% commission on magazine subscription sales 4) Anthony receives a 9% commission on magazine subscription sales. Last week, his total sales were $1800. How much commission did he earn?
17 5) You sell fruit drinks at the town ﬁeld 5) You sell fruit drinks at the town ﬁeld. This past weekend, you collected $107. Your expenses for the fruit drinks were $82. What is your proﬁt?
18 Homework-Percent Story Problem Worksheet AgendaHomework-Percent Story ProblemWorksheetBring a white board marker(DUE: P.1,3,5- Mondays and Thursday. P.2,4,6- Tuesdays and Fridays)