2 Warm Up Complete the Table PercentFractionDecimal50%0.0435%0.350.065
3 VocabularySales tax, which is tax on the sale of an item or service, is a percent of the purchase price that is collected by the seller.When you deposit money in a savings account, your money usually earns interest. When you borrow money, you must pay back the original amount of the loan plus interest. Simple interest is a fixed percent of the principal. The principal is the original amount deposited or borrowed.
4 Marcus buys a varsity jacket from a clothing store in Anaheim Marcus buys a varsity jacket from a clothing store in Anaheim. The price of the jacket is $80.00 and the sales tax is 8%. What is the total cost of the jacket?
6 Method 2Step 1: Write the percent as a decimal. 8% → 0.08 Step 2: Multiply the decimal times the cost of the jacket x $80.00 = $6.40 Step 3: Add the product from step 2 to the cost of the jacket. Jacket Price + Sales Tax = Total Cost $ $6.40 = $86.40
7 Sharon wants to buy a shirt that costs $20. 00. The sales tax is 5% Sharon wants to buy a shirt that costs $ The sales tax is 5%. How much is the sales tax? What is her total cost for the shirt?
8 Terry deposits $ into a bank account that earns 3% interest per year. What is the total amount in the account after 2 years?
10 Is there another way? Can we find an expression that works for simple interest?
11 Ariane borrows $400. 00 on a 4 year loan Ariane borrows $ on a 4 year loan. She is charged 5% simple interest per year. How much interest is she charged for 4 years? What is the total amount she has to pay back?
12 The Sanchez family goes out for dinner, and the price of the meal is $ The sales tax on the meal is 7%, and they also want to leave a 15% tip. What is the total cost of the meal?
16 Justify and EvaluateEstimate the sales tax and tip. Sales tax is about 10% plus 15% for tip gives 25%. Find 25% of the bill: 0.25 x $60.00 = $ Add this to the bill: $ $15.00 = $ The total cost should be about $75.00.
17 Kedar earns a monthly salary of $2,200. 00 plus 3 Kedar earns a monthly salary of $2, plus 3.75% commission on the amount of his sales at a men’s clothing store. One month he sold $4, in clothing. What was his commission that month? How much did he earn in all?