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Discounts, Markups, Sales Tax, and Tips

Discounts, Markups, Sales Tax, and Tips. Terms to Know. Discount : A decrease in the price of an item. Wholesale Price : The price a retail store pays for an item from the manufacturer. Retail Price : The price a customer pays at a retail store. (Target).

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Discounts, Markups, Sales Tax, and Tips

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  1. Discounts, Markups, Sales Tax, and Tips

  2. Terms to Know Discount: A decrease in the price of an item. Wholesale Price: The price a retail store pays for an item from the manufacturer. Retail Price: The price a customer pays at a retail store. (Target) Markup: The difference between the wholesale price and the retail price.

  3. You buy a pair of jeans that is 30% off the original price of $29. What is the sale price? A store is selling flip-flops at 20% off their original price. What is the sale price of a pair of flip-flops originally priced at $20?

  4. A store that sells skateboards buys them from a manufacturer at a wholesale price of $57. The store’s markup is 150%. What is the retail price? At a restaurant, you order a meal that costs $12. You leave a 20% tip. The sales tax is 5%. What is the total cost of the meal?

  5. Scott and Karen’s meal costs $16.18. They want to leave a tip of about 20%. What should their tip be? A store buys guitars from a manufacturer at a wholesale price of $38. The store’s markup is 85%. What is the retail price?

  6. A pair of hiking boots with an original price of $125 is on sale for 20% off. If a sales tax of 6% must also be paid, what is the total cost?

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