MJ2 Ch 8.5 – Sales Tax & Discount

1. A recipe calls for 2 cups of flour to make 24 cookies. How many cups of flour would it take to make 39 cookies? 24 n = n = 78 / / / /7 4 Bellwork – You do not have to write the question – Grid your answer

Assignment Review Practice Skills Workbook Lesson 8.4

Before we begin… Please take out your notebook and get ready to work… In the last lesson we looked percent of change…that is the percent of increase or decrease In todays lesson we will look at markup, discount and sales tax…discount represents a decrease and markup & sales tax represent increases…

Objective Students will solve problems involving discount and sales tax.

Markup & Discount When a store sells an item for more than it paid, the extra money is used to cover expenses and to make a profit. The increase in price is called markup. The percent of markup is a percent of increase. The amount the customer pays is called the selling price When a store has a sale, the amount by which the regular price is reduced is called discount. The percent of discount is a percent of decrease

Calculating Markup & Discount Markup – to calculate markup, multiply the original price by the percent of increase, and then add that amount to the original price to get the selling price. Discount – to calculate discount, multiply the original price by the percent of decrease and then subtract that amount from the original price to get the sale price.

Example - Markup A store is selling a jacket for 25% over cost. The cost is $35. What is the selling price? $35 x 25% = $8.75 $35 + $8.75 = $43.75Selling Price

Your Turn In the notes section of your notebook calculate the selling price 1.Computer:$700 Markup:30% 2.CD Player:$120 Markup:20% 3.Jeans:$25 Markup:45%

Example - Discount A computer sells for $1,200. The store puts the computer on sale for 30% off. What is the sale price? $1200 x 30% = $360 $ $360 = $840 Sale price

Your Turn In the notes section of your notebook calculate the sale price 1.Video game:$75 Discount:25% 2.Skateboard:$ Discount:30% 3.Television:$ Discount35%

Sales Tax Sales tax is an additional amount of money charged on items that people buy. The local, state & federal government receives this money. The total cost of an item is the price plus the sales tax. NOTE: You do not pay tax on the price of an item before discount. You pay the tax on the discounted amount!

Example – Sales Tax What is the total cost of a sweatshirt if the original price is $42 and the sales tax is 5½%? In this instance you calculate the sales tax by multiplying the $42 by 5.5% and then add that amount to the $ % = 2.31 (Tax amount) = $44.31 Total price

Your Turn In the notes section of your notebook calculate the total price: 1.$2.95 notebook; 5% tax 2.$46 shoes; 2.9% tax 3.$ video game; 3.75% tax

Summary In the notes section of your notebook summarize the key concepts covered in todays lesson Today we discussed Markup, discount, & sales tax

Assignment Text p. 356 # Reminder: This assignment is due tomorrow I do not accept late assignments I do not accept answers only for any assignment (no work = no credit)