In this lesson we're going to learn salary and wages. Salaries and wages are same but they have a different definition. That means is similar but is different. Salary means fixed amount of money you earned per year.
Wage means amount of money you earned weekly.
A structure of salary or wage is like this. When you're working, there are normal wages, time and a half and double time.
Normal wage is rate of pay per hour multiplied by regular hours,
Time and a half is rate of pay per hour multiplied by overtime hours x 1.5.
Double time is rate of pay per hour x overtime hours x 2.
For example "I worked 48 hours per week I get $34 per hour. Calculate my wage if the time and a half is 6 hours, double time is 8 hours and regular hour is 34 hour.
Normal wage = $34 x 34 = $1156.
Time and a half = $34 x 6 x 1.5 = $306
Double time = $34 x 8 x 2 = $544
i.e 1156 + $306 + $544 = $2006.
In normal wage, we multiply the normal hour by the rate of pay.
On time and a half, we multiply the rate of pay, number of hours of the time and a half and 1.5.
Lastly on double time, we multiply the rate of pay, number of hours of the double time and 2.
Saturday, October 2, 2010
Discount and commission
In this lesson we're going to learn discount and commission. The meaning of discount is when they drop the price from the usual price. The meaning of commission is when the salespeople who sells cars, houses, etc they get a pay from the percentage how much they sold.
Discount is mostly shown in percentages. When you're calculating the discount price, then you have to subtract from the normal price. To find the commission, you just have to multiply the percentage from amount it's sold.
1. Our first example is "A pizza shop offers a discount of 45% on all pizzas at end of winter. How much do you have to pay for a pizza which it normally sells at $25?"
First is we have to find the 45% of $25.
45/100 x $25 = $11.25
Second is we're going to subtract $11.25 from $25.
$25 - $11.25 = $13.75.
Therefore the answer is $13.75.
2. Second example is " A car salesperson receives 12% commission on the amount of car he sells. In one sale, he sells a car that the price is $95000. How much commission will he get paid?"
In this question we just have to percentage multiplied by $95000.
During the calculation, if you want to simplify easier later, you can erase two zeroes from 100 and $95000.
12/100 x 95000 = 12/1 x 950 = $11400.
Therefore the answer is $11400.
Discount is mostly shown in percentages. When you're calculating the discount price, then you have to subtract from the normal price. To find the commission, you just have to multiply the percentage from amount it's sold.
1. Our first example is "A pizza shop offers a discount of 45% on all pizzas at end of winter. How much do you have to pay for a pizza which it normally sells at $25?"
First is we have to find the 45% of $25.
45/100 x $25 = $11.25
Second is we're going to subtract $11.25 from $25.
$25 - $11.25 = $13.75.
Therefore the answer is $13.75.
2. Second example is " A car salesperson receives 12% commission on the amount of car he sells. In one sale, he sells a car that the price is $95000. How much commission will he get paid?"
In this question we just have to percentage multiplied by $95000.
During the calculation, if you want to simplify easier later, you can erase two zeroes from 100 and $95000.
12/100 x 95000 = 12/1 x 950 = $11400.
Therefore the answer is $11400.
Friday, October 1, 2010
Finding a quantity when given in percentage of it
In this lesson we're going to learn finding a quantity when given in percentage. In some question, you need to find the original quantity in percentage that's one we're going to have a look today. Also this also called the unitary method.
1. Our first example is "If 7% of an amount is $56, what is the total amount?"
7% of an amount = $56 We divide by 7 equally.
1% if an amount = $8. Then we multiply by 100 equally.
100% = $800
2. Second example is "Jake spend 25% of his total savings on a new game console which it cost $360. What was his original saving?"
25% = $360 We divide by 25 equally.
1% = 14.4 Then multiply it by 100 equally.
100% = $1440
1. Our first example is "If 7% of an amount is $56, what is the total amount?"
7% of an amount = $56 We divide by 7 equally.
1% if an amount = $8. Then we multiply by 100 equally.
100% = $800
2. Second example is "Jake spend 25% of his total savings on a new game console which it cost $360. What was his original saving?"
25% = $360 We divide by 25 equally.
1% = 14.4 Then multiply it by 100 equally.
100% = $1440
Simple interest
In this lesson we're going to learn how find the simple interest. When you're finding a simple interest, you need to know the amount you're borrowing, the interest rate and the time you have to pay. The use of simple interest is when you invest money in the bank savings account or when you borrowed money from the bank.
When you're finding an interest, there's a formula for finding an interest.
I = PRT
I = Interest
P = Principal
R = Rate
T = Years
1. Our first example is "Miller borrowed $600 from bank. How much does he have to pay the interest if he has to pay for 5 years and the rate is 15%?"
Now we use the formula: 600 x 15/100 x 5
= 600 x 15/100 x 5
= $450
Therefore the answer is $450.
2. Second example is " Sullivan deposits $3000 in his bank savings account which pays interest at 34%.
How much interest will he get after 7 months?"
In this case, 7 month is 7/12, reason we're doing like this is we can't just times 1 year, we have to be very accurate so we put 7 month on the numerator and 12 months equals to 1 year so we put 12 on the denominator.
i.e 3000 x 34% (34/100) x 7/12
= $595
* When the amount of time is in months like in example 2, put the number of the months on numerator which is given in the question and put 12 months in denominator. Just letting you know if you're changing to the other unit, it needs to be equal.
When you're finding an interest, there's a formula for finding an interest.
I = PRT
I = Interest
P = Principal
R = Rate
T = Years
1. Our first example is "Miller borrowed $600 from bank. How much does he have to pay the interest if he has to pay for 5 years and the rate is 15%?"
Now we use the formula: 600 x 15/100 x 5
= 600 x 15/100 x 5
= $450
Therefore the answer is $450.
2. Second example is " Sullivan deposits $3000 in his bank savings account which pays interest at 34%.
How much interest will he get after 7 months?"
In this case, 7 month is 7/12, reason we're doing like this is we can't just times 1 year, we have to be very accurate so we put 7 month on the numerator and 12 months equals to 1 year so we put 12 on the denominator.
i.e 3000 x 34% (34/100) x 7/12
= $595
* When the amount of time is in months like in example 2, put the number of the months on numerator which is given in the question and put 12 months in denominator. Just letting you know if you're changing to the other unit, it needs to be equal.
Personal finance/consumer arithmetic introduction
Today we're starting a new chapter that is called personal finance but is also called consumer arithmetic.
This chapter is all about the finance. It's about planning the budget, calculating tax, commissions, wages, etc.
The reason we're learning this chapter is because this is the part of the basic mathematics. Calculating the finance is part of the mathematics. There are plenty job for mathematics and some of them are doing the finance work, such as accountant.
Also in other reason, when you're planning for buying a new car, you're gonna be planning the budget, also thinking about the the price and your wage, etc.
This chapter is all about the finance. It's about planning the budget, calculating tax, commissions, wages, etc.
The reason we're learning this chapter is because this is the part of the basic mathematics. Calculating the finance is part of the mathematics. There are plenty job for mathematics and some of them are doing the finance work, such as accountant.
Also in other reason, when you're planning for buying a new car, you're gonna be planning the budget, also thinking about the the price and your wage, etc.
Thursday, September 30, 2010
Finding the quantity in percentage
In this lesson we're going to learn finding the quantity in percentage. Previously I said percentages uses in our life every day. Sometimes you need to find part of the quantity from the total quantity which is in percentage.
There are 3 methods to find the quantity.
Method 1 is convert percentages to fraction with the denominator of 100 then multiply.
Method 2 is convert the percentage to simplified fraction then multiply.
Method 3 is convert the percentage to decimal then multiply.
1. Our first example is "Find 25% of $500."
There are three methods to find the quantity. It doesn't matter which method you choose the answers are same.
Method 1: 25% = 25/100
i.e 25/100 x 500/1.
= $125.
Method 25% = 1/4 when is simplified.
1/4 x 500/1 = $125
Method 3: 25% = 0.25.
500 500 x 0.05 = 25
x 0.25 500 x 0.20 = 100
25
+ 100
125
Second example is " Find 35% of 50 laptops."
35/100 x 50/1 = 1750/100 = 17.5 = 17 laptops.
OR 0.35 x 50 = 17.5 = 17 laptops.
Third example is 10% of $850."
10/100 x 850 =$85
i.e $85.
Forth example is "Find 33 1/2% of 240."
In this case method 2 much more easier this time.
33 1/2% = 67/200
67/200 x 240 = 402/5 = 80.4.
i.e 80.4.
There are 3 methods to find the quantity.
Method 1 is convert percentages to fraction with the denominator of 100 then multiply.
Method 2 is convert the percentage to simplified fraction then multiply.
Method 3 is convert the percentage to decimal then multiply.
1. Our first example is "Find 25% of $500."
There are three methods to find the quantity. It doesn't matter which method you choose the answers are same.
Method 1: 25% = 25/100
i.e 25/100 x 500/1.
= $125.
Method 25% = 1/4 when is simplified.
1/4 x 500/1 = $125
Method 3: 25% = 0.25.
500 500 x 0.05 = 25
x 0.25 500 x 0.20 = 100
25
+ 100
125
Second example is " Find 35% of 50 laptops."
35/100 x 50/1 = 1750/100 = 17.5 = 17 laptops.
OR 0.35 x 50 = 17.5 = 17 laptops.
Third example is 10% of $850."
10/100 x 850 =$85
i.e $85.
Forth example is "Find 33 1/2% of 240."
In this case method 2 much more easier this time.
33 1/2% = 67/200
67/200 x 240 = 402/5 = 80.4.
i.e 80.4.
Wednesday, September 29, 2010
Conversions you must remember in percentage
The table below is the conversion of percentages to decimal or fraction. This conversions are basic conversions that you must remember.
Percentage | Decimal | Fraction | Simplified fraction |
25% 50% 75% 100% | 0.25 0.50 0.75 1.00 | 25/100 50/100 75/100 100/100 | ¼ ½ ¾ 1 |
20% 40% 60% 80% | 0.2 0.4 0.6 0.8 | 20/100 40/100 60/100 80/100 | 1/5 2/5 3/5 4/5 |
33 1/3% 66 2/3% | 0.3333333333… 0.6666666666… | 33 1/3/100 66 2/3/100 | 1/3 2/3 |
12 ½% 37 ½% 62 ½% 87 ½% | 0.125 0.375 0.625 0.875 | 125/1000 375/1000 625/1000 875/1000 | 1/8 3/8 5/8 7/8 |
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