Page 39 - Calculating Agriculture Cover 20191124 STUDENT - A

CH 4] Calculating Agriculture 4-1

CHAPTER 4 NOTE TO INSTRUCTOR: Solutions
to Homework are in that section.

Avg. time for Students to read &
complete homework: 2.25 hrs.

Percentages, ratios and

relationships

Objectives

After mastering the material in this chapter, you will be able to:

 Change a percent to a decimal or common fraction.
 Change a decimal or common fraction to a percent.
 Use the percentage equation to calculate the percentage, the rate, or the base.
 Compute sales, excise, and property taxes interest paid or received. 4

Bank of America at this writing charges under 3.6% for 30 year home mortgage loans, 4%
for auto loans, and 21 percent interest (21%) for credit card purchases. State’s sales tax rates
vary throughout the nation with some as low as 0 percent (0%) to a high of 7 and one-half
percent (7 ½ %), and adding county and city sales tax to the state tax increases sales tax to % : In
upward to 13%. Pacific Gas and Electric (PG&E) obtains 45% percent of its organizing capital mathematics, a
by borrowing. Last year, John Godspeed earned a 10 percent (10%) return on his stock percentage is a
investments. Adam McCann, financial writer for WalletHub.com analyzed the estimated number or ratio
property, sales, auto and state income taxes a family paid in 2019 for the 50 states. His findings expressed as a
were stark. A family of three earning $75,000 paid just $4,997, or 6.28% of their income as tax fraction of 100. It
in Tennessee. This same family in New York would have paid $9,728, or 12.97% of their income is often denoted
as tax. These are state taxes and exclude Federal income taxes. using the percent
1
Rachael Schickelgruber was paid 8 percent (8%) commission for selling land in a real estate sign, "%", or the
transaction. Tractor Supply budgets 1/2 percent (0.5%) of each sales dollar for advertising. abbreviations
William Cody has 15 percent (15%) of his salary withheld for federal income tax. Tarter Supply "pct.", "pct";
Company receives a discount of 2 percent (2%) on their invoices for paying Kansas City sometimes the
Machinery promptly. Hallie Branson correctly answered 96 percent (96%) of the questions on abbreviation "pc"
her Business Mathematics test. Ten Bears Lumber Company increased sales 150% in its fourth is also used. A
year. The weather is forecasting a 70 percent chance of rain for next Tuesday. percentage is a
The preceding paragraphs illustrate some of many ways in which percents occur in our dimensionless
private lives and for our business activities. Probably, the most common mathematical concept number (pure
used extant is percentages in business. Percentage as we use the word today began as per number).
centum and was abbreviated to “per cent.”, two words with a period. This form was dropped and
replaced with the ‘per’ and ‘cent’ being concatenated (joined) to form one word, percent.
The percent sign (%) is the symbol used to indicate a percentage, a number or ratio as a Concatenate :
fraction of 100. As such the symbol %, means "in the hundred" or "of each hundred" or simply Link (things)
"hundredth." For example, a Real Estate agent selling farm land contracts with the seller to together in a
chain or series.
receive an 8% commission for selling the land, thus earning $8 for each $100 of the lands’
To join two words
into one.

1. 2019’s Tax Burden by State, McCann, Adam, 2 April 2019, https://wallethub.com/edu/states-with-highest-lowest-tax-
burden/20494/, Last visited 12 June 2019

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