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Chapter 5_part2_student

Chapter 5_part2_student - Discount,SalePrice,andSalesTax...

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Applications of Percent ` Discount Sale Price and Sales Tax Discount, Sale Price, and Sales Tax ` Simple Interest ` Buying on Credit ` Compound Interest The amount an item is reduced from the regular, or original, price is called the discount . D iscount …D D ISCOUNT = (O RIGINAL P RICE ) × (P ERCENT M ARKDOWN ) Th t kd i itt d i l The percent markdown is written as a decimal to calculate the discount. Example: Find the discount, given the original price d th t kd and the percent markdown. 1) Hardware 500 baht; 20% off 1) Hardware, 500 baht; 20% off Solution i (O i i l i ) ( kd ) Discount = (Original Price) × (Percent Markdown) = 500 × 0.20 100 = 100 The discount is 100 baht. ) h b h d 2) Shoes, 290 baht; 15% discount Solution Sometimes the markdown is given as a fraction !!!
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Example: Shampoo with a regular price of 129 BHT are on l k 1/3 ff Wh t i th di t? sale mark 1/3 off. What is the discount? Solution As consumers, we are usually concerned with the sale price rather than the amount of discount. The sale price can be found by subtracting the discount from the original price. …Complement… Two positive numbers less than 1 are called complements if th i i 1 if their sum is 1. Example: Find the complements Find the complements. 1) 0.7 1– 0.7 = 0.3; the complement of 0.7 is 0.3. 2) 0.15 3) 40% 4) ¼ The sale price can be found by multiplying the original Sale Price price by the complement of the markdown. …Sale Price… S ALE P RICE = (O RIGINAL P RICE ) × (C OMPLEMENT OF M ARKDOWN ) Example: Find the sale price. 1) Hardware, 500 baht; 20% off Solution l 2) Shoes, 290 BHT; 15% discount Solution …Discount Formula… Discount: d = pm When: d pm Sale Price: s = p – d or s = pc d = amount of discount m = percent markdown p = original price Original Price: p = s/c C l t / s = sale price c = complement of Complement: c = s/p percent markdown
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Example: During a 20% off sale, an item is marked 384 BHT. What is the regular price? Solution Example: If the sale price of an item is 2,288 BHT and the regular price is 3,520 BHT, what is the percent markdown? Solution …Sales Tax Formula… S ALE s T AX = (O RIGINAL P RICE ) × (T AX R ATE ) Example: Find the Pennsylvania sales tax for building materials that cost $84 65 [Pennsylvania sales tax rate: 6%] materials that cost $84.65. Solution Sale Tax = (Original Price) × (Tax Rate) = 84.65(0.06) = 5.079 The sale tax is $5.08. To find the total price, add the sale tax to the original price, this means that the price (including tax) is $84.65 + $5.08 = $89.73 Total Price = (Original Price) + (Sales Tax) Total Price (Original Price) (Sales Tax) = (Original Price) + (Original Price) × (Tax rate) = (Original Price)(1 + Tax rate) Distributive property …Price (Including Tax)… T OTAL A MOUNT = (O RIGINAL P RICE )(1 + T AX R ATE )
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Example: In New Jersey, a truck tire at Sears costs $159.98. What is the total cost of the tire (including tax) [New Jersey sales tax rate: 6%] Solution 8.2 Simple Interest Simple Interest “Interest” is money paid for the use of money.
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