AIM: How can we use proportions to find percents of amounts?
HW: Unit 2 Comparing and Scaling ACE #1-5, 8-10; p.71-72
Do Now: Latisha bought a concert ticket. The ticket cost $50. There is also a 5% tax. Latisha said she will need to pay $55 in total for the ticket. What do you think?
Announcement: We are beginning a new mini-unit on percents. In this unit, we will discuss tax, markup, discount, commission, and tip --among other things.
Classwork: We began today's lesson with an open discussion on the concept of tax, more specifically: Why is tax important? Where does the money go? How is it collected? What gets taxed? We went to NYC's department of finance webpage to investigate the different tax rates for products/services in NYC. We used percent proportions to calculate tax amounts for various commonly purchased products.
Tomorrow, we will discuss common methods in which people earn an income: salary, commission, and hourly. We will also relate each of these to the business idea of markup and how every business exists to make make money and therefore must charge customers a markup on products in order to make a profit.
Part/Whole = %/100, where Whole is the amount of the item(s) and the Part is the portion of the whole (in this case, tax).