Sales Tax and Discount Lesson 8 – 8. Vocabulary Sales Tax – an additional amount of money charged to a purchase. Discount – the amount by which the regular.

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Presentation transcript:

Sales Tax and Discount Lesson 8 – 8

Vocabulary Sales Tax – an additional amount of money charged to a purchase. Discount – the amount by which the regular price of an item is reduced. * Discount vs. Sale Price – discount refers to how much is saved, and sale price is how much you pay after the discount.

Need to Know – Sales Tax # 1:Sales Tax – Convert the percent to a decimal, multiply by the price. When looking for the total, remember to add the original price. (original amount) x (tax rate) = sales tax OR: # 2:% of a number proportion can be used!

Need to Know – Discount # 1:Discount – Convert the percent to a decimal, multiply by the price. When looking for the sale price, remember to subtract the amount of discount from the original price. (orig. amt.) x (discount %) = discount amt. OR: # 2:% of a number proportion can be used!

Are there shortcuts? # 1:To find the total with tax, included: (original amount) x (1 + tax rate) = total # 2:To find the sale price: (orig. amt.) x (1 – discount %) = Sale Price ** Remember, % must be changed to a decimal! ? Why does the formula work?

When do I need this math? 1)Molly spends $14.67 on lunch. She must pay a 6% tax, and she also wants to leave a 15% tip. She hands the waiter $20. How much change will she get back? 6% + 15% = 21% or = = $ – = $2.25

Practice 1)A t-shirt at American Eagle sells for $ It is on sale for 15% off. What is the cost of the t-shirt? 2)You buy a Dell Laptop for $299, and pay a 5% tax. What was your total? = – 2.24 = $ = = $313.95

Practice 1)Jackie buys two pairs of shoes for $49.99, each. She pays 6.5% for tax. What was her total? 2)An IPOD Nano was on sale for 25% off. Joey paid $72 for it. What was it’s original price? = $ (.065) = Orig = $ x.75 = 72 x = $96.00 So, x = 72 ÷ 0.75

Things to remember # 1:Solve with proportions or equations – Decide how you want to solve, and stick with it. # 2:Extra step! – Remember to added or subtract depending on what the question is asking for, unless you use the shortcut. # 3:Label your answers! Always round money to the nearest cent unless told otherwise.