Section 3 Essay

Submitted By misssyouu
Words: 584
Pages: 3
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Section 3.4
Solving Word
Problems: The
Value of Money and Percents

Copyright © 2013, 2010, 2006, 2003 Pearson Education, Inc.

Example
A business executive rented a car. The Supreme Car
Rental Agency charged $39 per day and $0.28 per mile.
The executive rented the car for two days and the total rental cost was computed to be $176. How many miles did the executive drive the rented car?
1. Understand the problem.
Let m = the number of miles driven
2. Write an equation. per day cost + mileage cost = total cost
39(2) + 0.28m
= 176

Copyright © 2013, 2010, 2006, 2003 Pearson Education, Inc.

Example (cont)
3. Solve and state the answer.
39(2) +
0.28m
= 176
78 + 0.28m = 176
0.28m = 98 m = 350
The executive drove 350 miles.
4. Check.
39(2) + 0.28(350) = 176
78 + 98 = 176
176 = 176
Copyright © 2013, 2010, 2006, 2003 Pearson Education, Inc.

Example
A sofa was marked down with the following sign: “The price of this sofa has been reduced by 23%. You can save $138 if you buy now.” What was the original price of the sofa?
1. Understand the problem.
Let s = the original price of the sofa.
Let 0.23s = the amount of the price reduction, which is $138
2. Write an equation and solve.
0.23s = 138 s = 600
The original price of the sofa was $600.
Copyright © 2013, 2010, 2006, 2003 Pearson Education, Inc.

Example
Kylie received a pay raise this year. The raise was 3% of last year’s salary. This year she will receive $35,535.
What was her salary last year before the raise?
1. Understand the problem.
Let x = Kylie’s salary last year
0.03 = the amount of the raise
2. Write an equation and solve. last year’s salary + the amount of raise = new salary x +
0.03x
= 35,535
1.03x = 35,535 x = 34,500
The check is left to you.
Copyright © 2013, 2010, 2006, 2003 Pearson Education, Inc.

Solving Simple Interest Problems
Simple interest = principal ∙ rate ∙ time
I=P∙R∙T
The interest rate is assumed to be per year unless otherwise stated. The time T must be in years.

Copyright © 2013, 2010, 2006, 2003 Pearson Education, Inc.

Example
Find the interest on a loan of $2500 that is
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