It might be helpful to convert all the values to one form because:
1. You can't easily add or subtract values that are in a different form.
2. It is easier to visualize when working with greater than/less than problems.
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I would determine which form to use based on the problem. For example, when dealing with dividing up slices of pie, it would be easiest for me to use fractions or mixed numbers, while in a problem involving how many blue buttons are in a bag of multicolored buttons it would be easiest for me to use percentages.