Discounts, Markups, Sales Tax and Tip

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Lesson 7.6 OBJ: To find markups, discounts, sales tax, and tips

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Presentation transcript:

Discounts, Markups, Sales Tax and Tip

Difference between Discounts and Markups Discount vs. - A reduction in price on the amount of goods or a service Markup - Added on to the total cost incurred by the producer of a good or service in order to create a profit

Discounts Find the amount of the discount. Subtract the discount from the original price.

Finding a Sale Price What is the sale price on a pair of $29 jeans that are marked 33% off? Steps: Find the amount of the discount. Subtract the discount from the original price. 33% ∙ 29 = $9.57 $29 - $9.57 = $19.43 The jeans are $19.43

Finding a Sale Price You buy a skateboard that is 15% off the original price of $130. What is the sale price? You buy a $72 pair of shoes for 20% off. What is the sale price? $110.50 $57.60

Markups Find the amount of the markup. Add the markup to the original price.

Finding a Retail Price The sunglasses are $142.50 150% ∙ 57 = $85.50 The wholesale price for a pair of sunglasses at Hollister are $57. The store’s markup is 150%. What is the retail price? Steps: Find the amount of the markup. Add the markup to the original price. 150% ∙ 57 = $85.50 $57 + $85.50 = $142.50 The sunglasses are $142.50

Finding a Retail Price $22.20 $16.50 A basketball at Modell’s has a wholesale price of $12. The markup is 85%. How much will you pay for the basketball? A DVD has a wholesale price of $3.75. The mark up is 340%. How much will you pay? $22.20 $16.50

Sales Tax and Tip Sales Tax – Percentage of the cost of a good or service paid to a seller. Tip - a gratuity or a voluntary additional payment made for good service

Sales Tax And Tip Find the tip Find the sales tax. Add the food bill, tip, and sales tax.

Finding Sales Tax and Tip At a restaurant, you order a meal that costs $12. You leave a 20% tip. The sales tax is 5%. What is the total cost of the meal? Steps: Find the tip. Find the sales tax. Add the bill, tip, and tax. 20% ∙ 12 = $2.40 5% ∙ 12 = $0.60 $12 + $2.40 + $0.60 = $15 The total cost is $15

Finding Sales Tax and Tip At a restaurant, you order a meal that costs $8. You leave a 15% tip. The sales tax is 6%. What is the total cost of the meal? Steps: Find the tip. Find the sales tax. Add the bill, tip, and tax. 15% ∙ 8 = $1.20 6% ∙ 8 = $0.48 $8 + $1.20 + $0.48 = $9.68 The total cost is $9.68

On Your Own.. Your bill at a restaurant is $28.85. You leave a 20% tip and are charged a 5% sales tax. What is the total cost of the meal? You and your family are eating at a restaurant. The food bill is $40. Your family chooses to leave a 20% tip. The sales tax is 6%. What is the cost of the meal? $36.06 $50.40