Percent Applications in Finance and Measurement

This video lesson by Kirk Weiler covers various applications of percent, including percent error, interest fees, and commissions. It explains how percent error is calculated and its importance in measurements. The lesson also discusses interest fees on loans and how they are calculated, as well as commissions earned by selling items. The video emphasizes the real-world relevance of these concepts, preparing students for future financial decisions.

Why is percent considered one of the most used topics in mathematics?

• It is only relevant for financial calculations.

• It is applicable in various real-world scenarios.

• It is only used in academic settings.

• It is a complex mathematical concept.

What is percent error?

• The exact measurement of an object.

• The percent a measurement is off from the real value.

• The total value of an object.

• The difference between two measurements.

Why can't we determine how bad a measurement is without knowing the actual value?

• Because the actual value is irrelevant.

• Because the error depends on the actual value.

• Because measurements are always accurate.

• Because the ruler is always correct.

How do you calculate percent error?

• Divide the error by the measured value.

• Divide the error by the actual value.

• Subtract the error from the actual value.

• Multiply the error by the actual value.

What is a fee in the context of percent applications?

• A tax on goods.

• A discount on a purchase.

• A percentage of a total amount paid for a service.

• A fixed amount paid for a service.

How is interest on a loan calculated?

• By multiplying the loan amount by the interest rate.

• By adding the loan amount to the interest rate.

• By subtracting the interest rate from the loan amount.

• By dividing the loan amount by the interest rate.

What is a commission?

• A percentage of the sales price given to the seller.

• A fixed salary for selling goods.

• A bonus for meeting sales targets.

• A penalty for not selling enough.

How is commission on an investment increase calculated?

• By subtracting the commission rate from the total investment.

• By dividing the total investment by the commission rate.

• By multiplying the increase in investment by the commission rate.

• By multiplying the total investment by the commission rate.

What happens to a loan amount after interest is added and a payment is made?

• The loan amount remains the same.

• The loan amount doubles.

• The loan amount increases.

• The loan amount decreases.

What is the main takeaway from the lesson on percent applications?

• Percent is only used in mathematics.

• Percent is only relevant for students.

• Percent has various real-world applications.

• Percent is not important in daily life.