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

2. 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.

3. 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

4. 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

5. 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

6. 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

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

8. SETTING UP THE IS/OF Wholesale price: $18 Markup percent: 105% = 100 18 X 105 Wholesale price: $102 Markup percent: 50% = 100 102 X 50

9. SETTING UP THE IS/OF Original price: $22 Discount percent: 25% = 100 22 X 25 Original price: $90 Discount percent: 35% = 100 90 X 35

10. SETTING UP THE IS/OF Wholesale price: $99 Markup percent: 120% = 100 99 X 120 Original price: $38 Discount percent: 40% = 100 38 X 40

11. FINISH THE PROBLEM Wholesale price: $18 Markup percent: 105% = 100 18 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 = 100 102 X 50 51 What is the new price? What is x? Add 51 with 18 $69

12. FINISH THE PROBLEM Original price: $22 Discount percent: 25% = 100 22 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 = 100 90 X 35 31.5 What is the new price? What is x? Subtract 31.5 from 90 $58.50

13. FINISH THE PROBLEM Wholesale price: $99 Markup percent: 120% = 100 99 X 102 Original price: $38 Discount percent: 40% 118.8 What is the new price? What is x? Add 188.8 with 99 $217.80 = 100 38 X 40 15.2 What is the new price? What is x? Subtract 15.2 from 38 $22.80

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