Transcript Percent Applications

Percent
Applications
Lesson 7.6
OBJ: To find markups,
discounts, sales tax, and tips
Markup
• An increase from the wholesale price of
an item to the retail price.
• Retail Price = wholesale + markup
• Retail = wholesale x (100% + Markup
percent)
• Example – What is the retail price of a
bracelet that has a wholesale cost of $7
if the markup percent is 120%?
Discounts
• A decrease from the original price of an
item to the sale price.
• Sale Price = Original price – Discount
• Sale Price = Original Price x (100% Discount Percent)
• Example - A pair of jeans that originally
costs $42 is 25% off. Find the sale
price.
Using Sales Tax and Tips
• Sales Tax – A tax based on the amount
paid for goods bought, usually added to
the price. It is calculated using percents.
• Tip – An amount of money given based on
the percentage of bill and service. It is
calculated using percents.
• Example – The bill for your restaurant
meal is $23. You leave a 15% tip. The
sales tax is 5%. What is the total cost of
the meal?
• ** The tip is based on the food bill only. Do not
include the sales tax when finding a tip.
Finding an Original Amount
• Retail Price = Whole Price x (100% +
Markup percent)
• Example – A store marks up the
wholesale price of a printer by 80%.
The retail price is $120. What is the
wholesale price of the printer?
Examples
1. Find the retail price of a collectible
figurine with a wholesale cost of
$12 that is marked up 75%.
2. Mason buys a suit that is on sale for
20% off the original price of $180.
What is the sale price?
Examples
3. The bill for a family’s meal at a
restaurant is $68. They leave a
15% tip. The sales tax is 6%.
What is the total cost of their meal?
4. A dress shop marks up the
wholesale price of a prim dress by
115%. The retail price is $180.
What is the wholesale price of the
dress?
Assignments
• Class work – Guided Practice P. 359
1-7.
• Homework – Text p. 360-361, #’s 826 evens