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Lesson 6.6 Discounts and Markups Students will be able to use proportional relationships to find discounts and selling prices. CCSS.7.RP.3

Warm-Up #16 (3/17/2017) Find the selling price of the cost of an oil change is $21.95 and you want to markup to 65% to make profit. The original price of a CD is $22.99. There was a 5% discount. What is the selling price now? Hunter wants to purchase an umbrella for $60. The actual price of the umbrella is $50. What is Hunter’s percent error?

Homework 3/16/2017 Worksheet: Markup, Discount, and Tax_Front side 3/17/2917 Worksheet: Markup, Discount, and Tax_Back Side

Homework (3/20/17) Worksheet: Markup and Discount Front and back

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Selling Price- The price retailers charge customers. Markup/margin/growth profit – The difference between the cost of bringing the goods into the store and the selling price. Percent of Markup– the percent of increase. Discount– a deduction from the original cost of something. Percent of Discount– the percent of decrease. “50% OFF!”

Sales tax and discount Sales tax - is an additional amount of money charged on items people buy. The total cost is the regular price plus the sales tax. Discount – the amount by which the regular price of an item is reduced. The sale price is the regular price minus the discount.

Partner Poster Activity Write names on the poster (top right corner) Copy down the number and the problem on the poster. Underline important information. Set up the problem Solve the problem (include the units) Draw picture(s) that relate to the problem Make sure it is NEAT and READABLE

Sales Tax: Finding the total cost. A pair of shoes cost $90, and the sales tax is 4.25%. What is the total cost of the shoes? First find the amount of sales tax. 4.25% of 90 = 4.25% x 90 $3.83 (This is the amount of tax being charged on the sale. So to find the total cost we add the tax to the original price.)

Sales Tax: Finding the total cost. Add the sales tax to the original price. 90 + 3.83 = $93.83 is the total cost of the shoes.

Sales Tax A set of golf balls sells for $20, and the sales tax is 5.75%. What is the total cost? 5.75% of 20 5.75% x 20 = $1.15 $20 + $1.15 = $21.15 Add the sales tax to the original price.

Sales Tax A video game system cost $130 and the sales tax is 6.5%. What is the total cost of the video game system? The total cost = $138.45

Discount: Finding the sale price. Alan wants to buy a bike that has a regular price of $169. This week the bike is on sale at a 35% discount. What is the sale price of the bike? 35% of 169 35% x 169 = The discount is $59.15

Discount: Finding the sale price. Subtract the discount from the original price. $169 - $59.15 = The sale price is $109.85

Discount Whitney wants to buy a new coat that has a regular price of $185. This weekend, the coat is on sale at 33% off. What is the sale price of the coat? $123.95

Find the Percent of the Discount An electric guitar is on sale. What is the percent of the discount? First find the amount of the discount. $299.95 - $179.99 = $119.96 $119.96 is what percent of $299.95 Original Price $299.95 Sale Price $179.99 This is the amount you save.

Find the Percent of the Discount $119.96 is what percent of $299.95 p 119.96 = 299.95 100 p = 39.99 Round to the nearest whole number. p = 40 The discount is 40%

Find the percent of discount A sports watch has an original price of $86. The sale price is $60.20. What is the percent of discount? 30%

COURSE 3 LESSON 6-6 Markup and Discount A store sells a skirt that costs the store $40 and marks up the price 25%. What is the selling price for this skirt? Method 1 Find the markup first. Then find the selling price. 25% of $40 equals the markup. = $10 $40 + 10 = $50 The store sells the skirt for $50. 0.25 • 40 = 10 Multiply to find the markup. store’s cost + markup = selling price 6-6

Markup and Discount (continued) COURSE 3 LESSON 6-6 (continued) Method 2 Find the selling price directly. The selling price equals 100% of the store’s cost plus a markup of 25% of the store’s cost. So, the selling price of the skirt is 100% + 25%, or 125%, of $40. = $50 Multiply to find the selling price. 125% of $40 equals the selling price. 1.25 • 40 = 50 The store sells the skirt for $50. 6-6

Markup and Discount COURSE 3 LESSON 6-6 A pair of skis regularly costs $180. The sale price is $108. Find the percent of discount. discount = regular price – sale price = $180 – $108 Substitute. = $72 Subtract. percent of discount = 72 180 discount regular price = 0.4 Write the fraction as a decimal. = 40% Write the decimal as a percent. 6-6

Markup and Discount COURSE 3 LESSON 6-6 A shoe store advertises a 35%-off sale. What is the sale price of shoes that regularly cost $94.99? Method 1 Find the discount first. Then find the sale price. 35% of $94.99 equals the discount. = $33.25 94.99 – 33.25 = 61.74 0.35 • 94.99 = 33.2465 Multiply to find the discount. regular price – discount = sale price Round to the nearest cent. The sale price is $61.74. 6-6

Markup and Discount (continued) Method 2 Find the sale price directly. COURSE 3 LESSON 6-6 Markup and Discount (continued) Method 2 Find the sale price directly. The sale price equals 100% of the regular price minus a discount of 35% of the regular price. The sale price is 100% – 35%, or 65%, of $94.99. = $61.74 Multiply to find the sale price. 65% of $94.99 equals the sale price. 0.65 • 94.99 = 61.744 Round to the nearest cent. The sale price is $61.74. 6-6

COURSE 3 LESSON 6-6 Markup and Discount You buy a CD at the sale price of $6. This is 25% off the regular price. Find the regular price of the CD. regular price – 25% of regular price = sale price Let r = the regular price. r – (0.25 • r ) = 6 Substitute. Write the percent as a decimal. 0.75r = 6 Combine like terms: r – 0.25r = 0.75r. = Divide each side by 0.75. 0.75r 0.75 6 r = 8 Simplify. The regular price of the CD is $8. 6-6

Markup and Discount COURSE 3 LESSON 6-6 1. A pair of shoes costs the store $40. The store sells them for $65. What is the percent markup? 2. A sweater regularly sells for $49. It is on sale for 20% off. What is the sale price? 62.5% $39.20 6-6