Markup and Markdown Miss Edwards 3/2/15

Problem of the Day Joseph needs 345 cement blocks to build a wall 40 cm thick. He needs 205 cement blocks to build a wall 25 cm thick. Each block costs $0.75. How much more will the thicker wall cost? $105.00

Vocabulary Markup Discount

Discount: A decrease in the original price of an item Markup: The increase from what the store pays to the selling price Discount: A decrease in the original price of an item

When dealing with Percent increase or Percent decrease, the first thing that you have to find out is what money value the percent is. An easy way to remember this is with this equation and cross multiplying. Is % Of 100

Examples of this equation: Ex. 1 What is 30% of 15? Is % Of 100 x 30 15 100 100x = 15 x 30 100x = 450 X = 4.5 Ex. 2 15 is what percent of 60? Is % Of 100 15 x 60 100 60x = 15 x 100 60x = 1500 X = 25%

Ex. 3 10 is 17% of what? 17x = 10 x 100 Is % Of 100 10 17 x 100 17x = 1000 X = 58.8 (rounded)

Kevin earns $95 a day after taxes at his job. He pays $5 Kevin earns $95 a day after taxes at his job. He pays $5.75 each day for a round trip subway ticket. If Kevin works 5 days a week, how much money does he have left for other expenses? $446.25

Markups Once you have the amount of money that the percent is, you just have to follow this equation: Selling price = cost to store + markup Selling price = original price + markup

Selling price = cost to store + markup A store pays $70 for a bicycle. The percent of markup is 20%. What is the selling price? First we have to find what the money value is for the percent. Which question are we asking? What is 20% of 70? Or 70 is 20% of what? Set it up 100x = 70 x 20 Is % Of 100 x 20 70 100 100x = 1400 X = 14 Selling price = cost to store + markup Selling price = 70 + x Selling price = 70 + 14 Selling price = $84

A golf shop pays its wholesaler $40 for a certain club, and then sells it to a golfer for $75. What is the markup rate? First we have to calculate the markup in money terms by subtracting. Set it up 75 – 40 = 35 Which question are we asking? 35 is what % of 40 (comparing it to the original price) 100 x 35 = 40x Is % Of 100 35 x 40 100 3500 = 40x X = 87.5%

Selling price = cost to store + markup A boat is marked up 20% on the original price. The original price was $50. What is the sale price of the boat before sales tax? First we have to find what the money value is for the percent. Which question are we asking? What is 20% of 50? Or 50 is 20% of what? Set it up 100x = 50 x 20 Is % Of 100 x 20 50 100 100x = 1000 X = 10 Selling price = cost to store + markup Selling price = 50 + x Selling price = 50 + 10 Selling price = $60

Selling Price = original price + markup A television sells for $320. The markup is 60% of the cost. Find the cost of the television. Remember the equation from before? Selling Price = original price + markup Remember that the selling price is the cost of the TV (100%) + 60 % of that cost or 160% Look at it as this question: 320 is 160% of what? 100 x 320 = 160x Is % Of 100 320 160 x 100 32,000 = 160x X = 200

Homework A computer software retailer used a markup rate 40% Find the selling price of a computer game that cost the retailer $25. A shoe store uses a 40% markup on cost. Find the cost of a pair of shoes that sells for $63. A Jewelry Store uses a markup rate of 80% on all items. If a necklace cost the store $30.00, find the selling price. The cost of a baseball glove is $50.00, the Sporting Goods Store sells it for $60.00. Find the markup rate. A set of golf clubs sells for $300. If the clubs were marked up 20%, find the cost of the clubs.

Problem of the Day Each of the 25 members of a club needs to purchase a t-shirt and a flag. T-shirts cost $10 each. Flags cost $2.50 each. Before tax, what is the cost for all the t-shirts and flags?  $312.50

Markdown/Discount Sale Price = Original Price - Discount Dealing with Markdowns, it is just like dealing with Markups. You still have to find what the money value of the percent, you just have to subtract from the original price instead of adding. You use this equation: Sale Price = Original Price - Discount

Selling price = Original Price - Discount The original price of a skateboard is $50. The sale price includes a 20% discount. What is the sale price? First we have to find what the money value is for the percent. Which question are we asking? What is 20% of 50? Set it up 100x = 50 x 20 Is % Of 100 x 20 50 100 100x = 1000 X = 10 Selling price = Original Price - Discount Selling price = 50 - x Selling price = 50 - 10 Selling price = $40

An item that regularly sells for $425 is marked down to $318. 75 An item that regularly sells for $425 is marked down to $318.75. What is the discount rate? First we have to calculate the markup in money terms by subtracting. Set it up 425 – 318.75 = 106.25 Which question are we asking? 106.25 is what % of 425 (comparing it to the original price) 106.25 x 100 = 425x Is % Of 100 106.25 x 425 100 10625 = 425x X = 25%

Sale Price = Original Price - Discount 127.46 = 1x - .15x An Item is marked down 15%. The Sale price is $127.46. What was the original price? What we know: The item was marked down 15% The Sale price is $127.46 This is another backwards problem: Sale Price = Original Price - Discount 127.46 = 1x - .15x 127.46 = .85x Or 85% 127.46 x 100 = 85x Is % Of 100 127.46 85 x 100 12746 = 85x X = 149.95

Homework 3/4 Fred buys a video game disk for $4. There was a discount of 20%.What is the sales price? A football is selling for 35% off the original price. The original price was $60. What is the sale price of the football? Emily buys a toaster during the sale for 10% off. If Ellen pays $36, what was the original price? An item that regularly sells for $200 is marked down to $156. What is the discount rate? An item that regularly sells for $76 is marked down to $54.24 What is the discount rate?