The Mathematics of Buying

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Presentation transcript:

The Mathematics of Buying CHAPTER Seven The Mathematics of Buying

Section 7.1 Trade Discounts

Trade Discounts Often given to businesses or individuals who buy an item for resale. Seller give the price of the item as its LIST price. NET cost (or Net Price) is the amount paid by the buyer

Finding the NET COST Net Cost = List Price – Trade Discount EX: A wine refrigerator has a list price of $589.99 and a trade discount of 35%. Find the net cost. This is an example of a Single Discount

Finding a Series Discount using Complements To find the complement of a %, subtract it from 100%. Instead of the % discount, it now represents the % cost. Multiply the complements of a series discount to find the net cost equivalent

A supplier offers a series discount of 25/15 on a waffle iron A supplier offers a series discount of 25/15 on a waffle iron. If the list price of the iron is $135, use the complements of each of the single discounts to find (a) the net cost and (b) the amount of discount. A 22.2 cubic-ft bottom freezer refrigerator is list priced at $2249.99. What is the net cost after a series discount of 15/20/5?

Find the net cost equivalents for each of the following series discounts: A) 30/5 B) 10/40 C) 20/15/10 D) 10/5/5 If the list price is $2354.95 and the series discount is 10/5/5, what is the net cost?