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The Real Cost

The Real Cost When you save to make a big purchase, be sure to consider the sales tax you will have to pay. Have you ever paid sales tax?. Lesson Objective Compute sales tax. Content Vocabulary. sales tax. sales tax

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The Real Cost

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  1. The Real Cost When you save to make a big purchase, be sure to consider the sales tax you will have to pay. Have you ever paid sales tax?

  2. Lesson Objective Compute sales tax. Content Vocabulary • sales tax sales tax A state or local tax on the selling price of an item or service you purchase, usually expressed as a percent.

  3. Example 1 Ron Engle bought a camera that had a selling price of $129.99 and a pack of film that had a selling price of $18.95. What is the sales tax on his purchases if he lives in Connecticut, where the sales tax rate is 6 percent?

  4. Example 1 Answer: Step 1 Find the total selling price. $129.99 + $18.85 = $148.94

  5. Example 1 Answer: Step 2 Find the sales tax. Total Selling Price ×Sales Tax Rate $148.94 ×6% $148.94 ×0.06 = 8.9364 = $8.94 sales tax

  6. Practice 1 Travis Irving bought a grill for $79.96, a sleeping bag for $29.96, and a fishing rod for $34.99. He lives in Mississippi where the sales tax is 7 percent. What is the total selling price? What is the sales tax on his purchases?

  7. Practice 1 Answer Total selling price: $144.91 Sales tax on purchases: $10.14

  8. Practice 2 Stacey Hamilton purchased a lamp for $59, a coffee table for $329, and a chair for $99. The state sales tax rate is 6.25 percent and the city tax rate is 2 percent. What is the total selling price? What is the sales tax on her purchases?

  9. Practice 2 Answer Total selling price: $487.00 Sales tax: $40.18

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