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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Presentation transcript:

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

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

IN SHORT!!! Markup: means you have to pay more money. You’ll add the markup to the price. Discount: means you have to pay less money. You’ll subtract the discount from the price. YOU HAVE TO USE THE IS/OF EQUATION

WHAT WILL BE YOUR LAST STEP! (Add or Subract) Wholesale price: 18 Markup percent: 105% add with 18 Wholesale price: 102 Markup percent: 50% add with 102

WHAT WILL BE YOUR LAST STEP! (Add or Subract) Original Price: $22 Discount Percent: 25% subtract from 22 Original Price: $90 Discount Percent: 35% subtract from 90

WHAT WILL BE YOUR LAST STEP! (Add or Subract) Wholesale price: $99 Discount Percent: 120% add with 99 Original Price: $38 Discount Percent: 40% subtract from 38

Markup or Discount Formula X = % PRICE100 FIRST: You have to find X. THEN: You have to find the new price

SETTING UP THE IS/OF Wholesale price: $18 Markup percent: 105% = X 105 Wholesale price: $102 Markup percent: 50% = X 50

SETTING UP THE IS/OF Original price: $22 Discount percent: 25% = X 25 Original price: $90 Discount percent: 35% = X 35

SETTING UP THE IS/OF Wholesale price: $99 Markup percent: 120% = X 120 Original price: $38 Discount percent: 40% = X 40

FINISH THE PROBLEM Wholesale price: $18 Markup percent: 105% = X 105 Wholesale price: $102 Markup percent: 50% 18.9 What is the new price? What is x? Add 18.9 with 18 $36.90 = X What is the new price? What is x? Add 51 with 18 $69

FINISH THE PROBLEM Original price: $22 Discount percent: 25% = X 25 Original price: $90 Discount percent: 35% 5.5 What is the new price? What is x? Subtract 5.5 from 22 $27.50 = X What is the new price? What is x? Subtract 31.5 from 90 $58.50

FINISH THE PROBLEM Wholesale price: $99 Markup percent: 120% = X 102 Original price: $38 Discount percent: 40% What is the new price? What is x? Add with 99 $ = X What is the new price? What is x? Subtract 15.2 from 38 $22.80

On Your Own Practice Workpage Pg. 97 ex 1-6 BONUS: Pg. 98 ex 18-21