PERCENTAGE AND ITS APPLICATIONS

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PERCENTAGE AND ITS APPLICATIONS
A fraction with denominator 100 is called a percent. Latin word “per centum” means ‘per hundred’.
APPLICATIONS OF PERCENTAGE

Profit and Loss
      Profit – The margin (extra money) earned after selling a product at a higher price than its cost is called profit.
      Loss – The money lost on selling a product at a price lower than its cost.

Simple Interest
      Principal (P) – the amount of money borrowed or deposited
      Rate (R) –  a percentage of the principal is added to the principal, making money grow in a given period of time.
      Time (T) – time for which the money is borrowed or deposited.
      Interest (I) – the additional or extra money returned or obtained on borrowing or depositing a money for a given period of time at a given rate of interest.
      Amount (A) – The total money which is returned obtained at the end of a specified period of time at a given rate of interest.
       Simple Interest (S.I.) – If the Principal remains the same for the entire period of time for which the money is borrowed or deposited, the interest is called Simple Interest.

Discount
      Marked Price – the price attached to the article is called Marked Price.
      Rate - The percentage reduction in the price of the article is called rate of discount.
      Discount – The reduction allowed on the price of the article is called discount.

Compound Interest 
     Compound interest is interest on interest i.e. in compound interest the first interest is added to the principal of a deposit or loan and amount so obtained becomes the new principal. This process is repeated for the given number of terms (years / half years / quarter years). This addition of interest to the principal is called compounding.
       

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