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**Bell Work From 5 to 7 2 0.4 = 5 40% decrease**

A percent of change tells how much a quantity has increased or decreased relative to the original amount. Movie tickets used to cost $5, now cost $7. Find the percent of change. From 5 to 7 Change decimal to a % 2 0.4 = 5 40% decrease

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Discounts, Markups Tax and Tip TAKE OUT A CALCULATOR

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**Markup vs. Discount Markup**

A retail store buys items at wholesale prices. To cover expenses and make a profit, they sell items at higher retail prices. The extra amount is called the markup. Discount When an item is on sale, the store is selling the item for less, so this is called discount.

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**Percent of Mark-Up From $10 to $25 Change decimal to a percent**

Find the percent of markup for the $10 wholesale shirt the store sells for $25. Percent Mark-up Percent Change From $10 to $25 15 Change decimal to a percent = 1.5 10 150% Markup

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**Percent of Discount From $28 to $21**

A $28 book is on sale for $21. Find the % discount. Percent Discount Percent Change From $28 to $21 7 Change decimal to % 0.25 = 28 Discount

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Markup & Discount $25.99 sweater marked up 20% $31.25 toy discounted 33%

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**Total Purchase Price $100 + $7.00 = $107**

Calculating Sales Tax Sales tax is calculated by multiplying the retail price of an item by the sales tax rate for an area. METHOD 1 Example: Shoes $100 Tax Rate 7% Sales Tax $100 x 0.07 = $7.00 Total Purchase Price $100 + $7.00 = $107

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**Both methods give you the same answer!**

Calculating Sales Tax Sales tax is calculated by multiplying the retail price of an item by the sales tax rate for an area. METHOD 2 Example: Shoes $100 Tax Rate 7% Add 7% to 100% since that includes the total price and the tax. Find 107% of $100. = $107 Find total $100 x 107% Multiply $100 x 1.07 Both methods give you the same answer!

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**Add the sales tax to the price of the car.**

Calculating Sales Tax The sales tax in Ohio is 8.5%. Your family is buying a new car for $20,000. What will be the total cost of the car? METHOD 1 Example: Car $20,000 Tax Rate 8.5% Sales Tax $20,000 x = $1,700 Add the sales tax to the price of the car. Total Purchase Price $20,000 + $1700 = $21,700

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**Multiply $20,000 x 1.085 Calculating Sales Tax = $21,700**

The sales tax in Ohio is 8.5%. Your family is buying a new car for $20,000. What will be the total cost of the car? METHOD 2 Add 8.5% to 100% Add 8.5% to 100% since that includes the total price and the car and tax. Find 108.5% of $20,000. Multiply $20,000 x 1.085 = $21,700 Both methods give you the same answer!

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Sales Tax A family purchased a DVD player for $200. The sales tax rate was 7%. What was the total cost of the purchase? Method 2 Multiply the price by 107% since 7% is added to the cost. $200 x 107% = total cost $200 x 1.07 = $214.00 Method 1 Add sales tax to the price: $200 x 7% = tax $200 x .07 = $14.00 tax $ = $214.00 So, the total cost was $

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Calculating Sales Tax A family purchased a pool table for $825. The sales tax rate was 6%. What was the total cost? Method 1 Add sales tax to the price: $825 x 6% = tax $825 x 0.06 = $49.50 $825 + $49.50 = $874.50 Method 2 Multiply the price by 106% since 6% is added to the cost. $825 x 106% = total cost $825 x 1.06 = $874.50 So, the total cost of the purchase was $

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**= $3.7275 Put your answer in a sentence: Find 15% of 24.85**

Leaving a Tip You and a friend go to lunch. The check comes to $ Figure out how much you should tip if you want to leave 15%. Find 15% of 24.85 Change 15% to a decimal = 0.15 x 24.85 = $3.7275 Put your answer in a sentence: The tip that should be left is $3.73

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Practice: Markup, Discount Tax and Tip packet

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Markups and Discounts: Chapter 7.6 Goals: To find the NEW PRICE after a markup. To find a NEW PRICE after a discount.

Markups and Discounts: Chapter 7.6 Goals: To find the NEW PRICE after a markup. To find a NEW PRICE after a discount.

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