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Sales tax & Total Purchase price

Sales tax & Total Purchase price. Key Words to Know. sales tax A tax charged by most states on the selling price of a good or service, usually expressed as a percent. Formula. Sales Tax = Total Selling Price × Sales Tax Rate. Do Now.

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Sales tax & Total Purchase price

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  1. Sales tax & Total Purchase price

  2. Key Words to Know sales tax A tax charged by most states on the selling price of a good or service, usually expressed as a percent.

  3. Formula Sales Tax = Total Selling Price ×Sales Tax Rate

  4. Do Now 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?

  5. Step 1 Find the total selling price. $129.99 + $18.85 = $148.94

  6. 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

  7. Assignment: Workbook Page 41, 1-5

  8. Determining Total purchase Price

  9. Key Words to Know sales receipt Proof of purchase of a good or service from a store. total purchase price The selling price of an item plus the sales tax.

  10. Formula Total Purchase Price = Total Selling Price + Sales Tax

  11. Do Now A store in Madison, Wisconsin, advertised a smoke alarm for $24.95 and a fire extinguisher for $39.95. What is the sales tax if the combined state and city rate is 6 percent? What is the total purchase price?

  12. Answer: Step 1 Find the total selling price. $24.95 + $39.95 = $64.90

  13. Answer: Step 2 Find the sales tax. Total Selling Price ×Sales Tax Rate $64.90 × 0.06 = 3.894 = $3.89

  14. Answer: Step 3 Find the total purchase price. Total Selling Price + Sales Tax $64.90 + $3.89 = $68.79

  15. Practice 1 Clayton Young buys 4 packages of alkaline batteries for $1.99 each, a bottle of sunscreen for $5.96, 2 boxes of adhesive bandages for $2.56 each, and a tube of toothpaste for $1.76. The combined state and city sales tax rate is 5.25 percent. What is the total purchase price?

  16. Practice 1 Answer $21.89

  17. Practice 2 Ethan Campbell bought 3 pairs of dress pants for $34.99 each, 4 dress shirts for $29.99 each, and 2 ties for $19.99 each. The combined state, county, and city sales tax is 7 percent. What is the total purchase price?

  18. Practice 2 Answer $283.45

  19. Unit pricing & comparison shopping

  20. Key Words to Know unit pricing (p. 237) The cost of an item per unit of measure or count, such as dollars per pound or cents per dozen.

  21. Formula Unit Price = Price per Item ÷Measure or Count

  22. Do Now Shane Burns purchased a 34.5-ounce can of coffee for $3.99, a 2-liter bottle of cleaner for $3.98, and a dozen oranges for $3.96. What is the unit price of the items to the nearest tenth of a cent?

  23. Answer Find the unit price. Price per Item ÷Measure or Count Coffee: $3.99 ÷34.5 = $0.11565 = $0.116 or $0.12 per ounce Cleaner: $3.98 ÷2 = $1.99 per liter Oranges: $3.96 ÷12 = $0.33 per orange

  24. Do Now Oatmeal is sold in three sizes. The price of an 18-ounce package is $1.86. The price of a 42-ounce package is $3.17. The price of a 112-ounce package is $6.29. Based on price alone, which package is the best buy?

  25. Answer: Step 1 Find the unit price for each item. Price per Item ÷Measure or Count 18-ounce package: $1.86 ÷18 = $0.10333 $0.10333 ×100 = 10.33¢ per ounce

  26. Answer: Step 1 (cont.) 42-ounce package: $3.17 ÷42 = $0.07547 $0.07547 ×100 = 7.55¢ per ounce 112-ounce package: $6.29 ÷112 = $0.05616 $0.05616 ×100 = 5.62¢ per ounce

  27. Answer: Step 2 Find the best buy. Compare: 10.33¢, 7.55¢, and 5.62¢ per ounce 5.62¢ is the best buy.

  28. Assignment: Workbook p. 42, # 1-8

  29. Coupons and rebates

  30. Key Words to Know coupons Discounts offered by businesses in the form of tickets that are redeemed at the time of purchase. rebates Discounts offered by businesses in the form of money given back to the customer, usually through the mail.

  31. Formula Final Price = Total Selling Price – Total Savings

  32. Do Now Gus Senton purchased a heavy-duty table saw for $249.00 and a compressor for $349.00. He had a coupon for $50 off. What is the final price of the items?

  33. Answer Step: Find the final price. Total Selling Price – Total Savings ($249 + $349) – $50 = $598 – $50 = $548

  34. Assignment: Workbook p.43 #1-7

  35. Markdown and sales price

  36. Key Words to Know markdown The difference between the regular selling price of an item and its sale price, or the amount of the discount.

  37. Key Words to Know markdown rate The discount on an item expressed as a percentage of its regular selling price, such as 20 percent off.

  38. Formula Markdown = Regular Selling Price –Sale Price

  39. Formula Markdown = Regular Selling Price ×Markdown Rate

  40. Do Now Nora Maag purchased a camcorder at a sale price of $499.99. The regular selling price is $549.99. What was the markdown?

  41. Answer Step 1: Find the markdown. Regular Selling Price – Sale Price $549.99 – $499.99 = $50.00

  42. Do Now 2 Furniture World has a special on oak furniture at 40 percent to 55 percent off the regular selling price. Chad Wolfrum purchased an oak table at 40 percent off the regular price of $799. How much is the markdown?

  43. Do Now 2 Answer Step 2: Find the markdown. Regular Selling Price ×Markdown Rate $799.99 ×40% = $319.60

  44. Do Now 1 Debralee Medford has a 25 percent off coupon and is purchasing a watch that has a regular price of $125.00. What will she pay for the watch?

  45. Answer: Step 1 Find the markdown. Regular Selling Price ×Markdown Rate $125.00 ×25% = $31.25 markdown

  46. Answer: Step 2 Find the sale price. Regular Selling Price – Markdown $125.00 – $31.25 = $93.75

  47. Assignment: Workbook p.44

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