When increasing a number by a percentage, you essentially find 100% + the percentage. In this case, 100%+60%=160%. As a decimal, this would be 1.6.
So
$${\mathtt{700}}{\mathtt{\,\times\,}}{\mathtt{1.6}} = {\mathtt{1\,120}}$$
This is 700 increased by 60%
When you decrease a number by a percentage, you are finding 100%-percentage decrease. In this case 100%-60%=40%. As a decimal this would be 0.4
So
$${\mathtt{1\,120}}{\mathtt{\,\times\,}}{\mathtt{0.4}} = {\mathtt{448}}$$
.