6-3 C. Reteach. Sales Tax and Tips. Example 1. Method 2 100% + 6 % = 106% Add the percent of tax

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1 C Reteach Sales Tax and Tips Sales Tax is a percent of the purchase price and is an amount paid in addition to the purchase price. Tip, or Gratuity, is a small amount of money in return for service. Example 1 SOCCER Find the total cost of a $17.75 soccer ball if the sales tax is 6%. Method 1 First, find the sales tax. 6% of $17.75 = The sales tax is $1.07. Next, add the sales tax to the regular price = The total cost of the soccer ball is $ Method 2 100% + 6 % = 106% Add the percent of tax to 100%. The total cost is 106% of the regular price. 106% of $17.75 = Example 2 MEAL A customer wants to leave a 15% tip on a bill for $18.50 at a restaurant. Method 1 Add tip to regular price. First, find the tip. 15% of $18.50 = = 2.78 Next, add the tip to the bill total. $ $2.78 = $21.28 The total cost of the bill is $ Exercises Find the total cost to the nearest cent. Method 2 Add the percent of tip to 100%. 100% + 15% = 115% Add the percent of tip to 100%. The total cost is 115% of the bill. 115% of $18.50 = = $22.95 shirt, 6% tax 2. $24 lunch, 15% tip 3. $10.85 book, 4% tax 4. $97.55 business breakfast, 18% tip 5. $59.99 DVD box set, 6.5% tax 6. $37.65 dinner, 15% tip Chapter 6 46 Course 2

2 C Skills Practice Sales Tax and Tips Find the total cost to the nearest cent. 1. $49.95 CD player; 5% tax 2. $69 shoes; 6% tax 3. $37 dinner; 15% tip 4. $2.99 socks; 5.5% tax 5. $115 coat; 7% tax 6. $15 lunch; 20% tip 7. $299 DVD player; 7% tax 8. $43 shirt; 6% tax 9. $16 haircut; 15% tip 10. $8.75 breakfast; 15% tip 11. $47 tie; 4.5% tax 12. $40.80 dinner; 17% tip 13. $52 lunch; 20% tip 14. $18.99 CD; 6% tax 15. $22 haircut; 20% tip 16. $128 catered dinners; 18% tip Chapter 6 47 Course 2

3 C Homework Practice Sales Tax and Tips Find the total cost to the nearest cent. 1. $18.00 breakfast; 7% tax 2. $14 meal; 20% tip 3. $24 lunch; 15% tip 4. $8.50 shorts; 6.5% tax 5. $75 dinner; 18% tip 6. $74.95 jacket; 5% tax 7. $185 DVD player; 6% tax 8. $85 jeans; 7% tax 9. $20 haircut; 10% tip 10. $7.95 lunch; 15% tip 11. MEAL Enrique took his family out for dinner. He planned to leave a 15% gratuity on the bill. What is the total cost if the bill was $123.50? 12. TRUCKS What is the sales tax on a $17,500 truck if the tax rate is 6%? 13. COMPUTER Lionel is buying a computer that normally sells for $890. The state sales tax rate is 6%. What is the total cost of the computer including sales tax? Get Connected For more examples, go to glencoe.com. Chapter 6 48 Course 2

4 C Problem-Solving Practice Sales Tax and Tips 1. SKATEBOARDS Inez wants to buy a skateboard but she does not know if she has enough money. The price of the skateboard is $80 and the sales tax is 7%. What will be the total cost of the skateboard? 2. HAIRCUT Josiah went to the local barber to get his hair cut. It cost $18 for the haircut. Josiah tipped the barber 15%. What was the total cost of the haircut including the tip? 3. MEAL Madeline took 3 friends out for dinner. The cost of the meals was $ She left a 20% tip. What was the total cost including the tip? 4. COMPUTERS Andrea ordered a computer on the Internet. The computer cost $1,399 plus % sales tax. What was the total amount Andrea paid for her computer? 5. MAGAZINES Ivan bought these two magazines. If the sales tax was 6.75%, what was the total amount that he paid for the magazines? Techonology Birds 6. CATERED DINNER The Striton family had a meal catered for a wedding rehearsal dinner. The cost of the dinner was $476. There was a 5% sales tax and they left a 15% tip. What was the total cost including the sales tax and the tip? $4.95 $4.95 Chapter 6 49 Course 2

5 C Enrich Taxes Texas is one of the few states that does not impose a state income tax on residents. However, the state does collect sales and use taxes. The Texas state sales tax rate is 6.25%. Local taxing authorities can require additional tax of up to 2%, raising the total possible tax rate to 8.25%. Use the Sales and Use Tax Chart below to solve the following problems. Texas City Total Sales and Use Tax Abilene 8.25% Corral City 8% Sadler 7.25% Ackerly 7.75% San Antonio 8.125% Raccoon Bend 6.75% Dallas 8.25% 1. Beatriz purchases a sweater that costs $24.99 at the Corral City Mall. What is the total cost of the sweater? 2. Liam agrees to buy a new car for $26,540. He must pay the San Antonio City sales tax. What is the total amount Liam will pay for his new car? 3. While at the Abilene Outlet Store, Barbara purchases an outfit that is priced at $ What is the total amount Barbara will pay for her outfit? 4. Katrina pays $16.70 for an item after the Ackerly City sales tax is applied. What is the original amount of Katrina s purchase? 5. Davis makes a list of the cost of each item he would like to buy with his $ gift card. Determine if Davis has enough money to purchase everything on his list after the Sadler City tax is applied. If not, how much more money will he need? If so, what is the gift card balance? Item Cost of Item CD $14.99 DVD $19.99 Headphones $59.99 Chapter 6 50 Course 2

6 D Reteach Discount Discount is the amount by which the regular price of an item is reduced. The sale price is the regular price minus the discount. Example TENNIS Find the price of a $69.50 tennis racket that is on sale for 20% off. Method 1: Subtract the discount from the regular price. First, find the amount of the discount. 20% of $69.50 = 0.2 $69.50 Write 20% as a decimal. = $13.90 The discount is $ Next, subtract the discount from the regular price. $ $13.90 = $ Method 2: Subtract the percent of discount from 100%. 100% - 20% = 80% Subtract the discount from 100%. The sale price is 80% of the regular price. 80% of $69.50 = = The sale price of the tennis racket is $ Exercises Find the sale price to the nearest cent. 1. $32.45 shirt; 15% discount 2. $ watch; 30% discount 3. $40.00 jeans; 20% discount 4. $74.00 sweatshirt; 25% discount 5. $28.00 basketball; 50% discount 6. $98.00 tent; 40% discount Chapter 6 51 Course 2

7 D Skills Practice Discount Find the sale price to the nearest cent. 1. $89.95 DVD player; 5% discount 2. $75 dress shirt; 20% discount 3. $14 socks; 15% discount 4. $2.99 toy; 30% discount 5. $140 coat; 10% discount 6. $65 dress pants; 20% discount 7. $325 tent; 15% discount 8. $80 boots; 25% discount 9. $45.50 book; 30% discount 10. $52 tie; 50% discount 11. $35 volleyball; 20% discount 12. $490 stove; 15% discount 13. $299 bicycle; 10% discount 14. $32 shorts; 50% discount 15. $5 box of cereal; 40% discount 16. $45 shelf; 35% discount Chapter 6 52 Course 2

8 Homework Practice D Discount Find the sale price to the nearest cent. 1. $239 television; 10% discount 2. $72 game; 20% discount 3. $18.95 football; 15% discount 4. $10.99 CD; 25% discount 5. $149 MP3 player; 40% discount 6. $213 ski jacket; 30% discount 7. $595 refrigerator; 20% discount 8. $64 video game; 25% discount 9. $119 croquet set; 50% discount 10. $14.99 clock; 10% discount 11. RADIO A radio is on sale for $50. If this price represents a 10% discount from the original price, what is the original price to the nearest nickel? 12. LAUNDRY DETERGENT A box of laundry detergent is on sale for $6.50. If this price represents a 40% discount from the original price, what is the original price to the nearest cent? 13. BASKETBALL Find the price of a $35 basketball that is on sale for 50% off. Get Connected For more examples, go to glencoe.com. Chapter 6 53 Course 2

9 D Problem-Solving Practice Discount 1. PRETZELS The Spanish club sold hot pretzels as a fundraiser. The pretzels normally sold for $2.00, but near the end of the sale the price was reduced by 25%. What was the new price for a hot pretzel? 2. CELL PHONES Nathan is buying a cell phone for his business. The regular price of the cell phone is $179. If he buys the phone in the next 2 weeks, he will get a 20% discount. What will be the sale price if he buys the phone tomorrow? 3. ALARM CLOCK Dominic bought a new alarm clock that was on sale for $ If this price represents a 30% discount from the original price, what is the original price to the nearest cent? 5. JEWELRY A jewelry store is having a 50% off sale for all necklaces. During this sale, what is the cost of a necklace that regularly cost $49.98? 4. FISHING ROD Malachi bought a new fishing rod. The regular price of the fishing rod was $ He bought it on sale with a 15% discount. Sales tax of 3% is applied to the discounted total. What was the sale price with tax of Malachi s fishing rod to the nearest cent? 6. COSMETICS Jaylynn was buying new mascara. She bought it on sale for $5.56. If the price represents a 20% discount from the original price, what is the original price to the nearest cent? Chapter 6 54 Course 2

10 D Enrich Wholesale Prices and Markup Stores buy goods in bulk for discounted wholesale prices. The stores then mark up each item a small amount in order to make a profit. Use the table below to solve the following problems about the markup and wholesale prices of a sporting goods store in Clearwater. Round all answers to the nearest cent. Item Percent Markup Bat 10% Football 25% Glove Volleyball 1. Seth buys a new football and pays the store price of $ What is the wholesale price of the football? 2. The owner of the store pays the wholesale price of $18.99 for a bat. What does he sell the bat for after the markup? 3. Mr. Methany buys a glove for $ The wholesale price of the glove is $ Find the percent of markup the store charges on the glove. 4. Mrs. McKenna buys a volleyball for $ The wholesale price of the volleyball is $ Find the percent of markup the store charges on the volleyball. 5. Does the store make more profit on gloves or on volleyballs? Does the percent markup indicate how much profit the store will make? Explain. Chapter 6 55 Course 2

11 E Reteach Simple Interest Simple interest is the amount of money paid or earned for the use of money. To find simple interest I, use the formula I = prt. Principal p is the amount of money deposited or invested. Rate r is the annual interest rate written as a decimal. Time t is the amount of time the money is invested in years. Example 1 I = prt Find the simple interest earned in a savings account where $136 is deposited for 2 years if the interest rate is 7.5% per year. Formula for simple interest I = Replace p with $136, r with 0.075, and t with 2. I = Simplify. The simple interest earned is $ Example 2 Find the simple interest for $600 invested at 8.5% for 6 months. 6 months = 6 or 0.5 year 12 Write the time in years. I = prt Formula for simple interest I = p = $600, r = 0.085, t = 0.5 I = Simplify. The simple interest is $ Exercises Find the simple interest earned to the nearest cent for each principal, interest rate, and time. 1. $300, 5%, 2 years 2. $650, 8%, 3 years 3. $575, 4.5%, 4 years 4. $735, 7%, years 5. $1,665, 6.75%, 3 years 6. $2,105, 11%, years 7. $903, 8.75%, 18 months 8. $4,275, 19%, 3 months Chapter 6 56 Course 2

12 E Skills Practice Simple Interest Find the simple interest earned to the nearest cent for each principal, interest rate, and time. 1. $500, 4%, 2 years 2. $350, 6.2%, 3 years 3. $740, 3.25%, 2 years 4. $725, 4.3%, years 5. $955, 6.75%, 3 1 years 6. $1,540, 8.25%, 2 years 4 7. $3,500, 4.2%, 1 3 years 8. $568, 16%, 8 months 4 Find the simple interest paid to the nearest cent for each loan, interest rate, and time. 9. $800, 9%, 4 years 10. $280, 5.5%, 4 years 11. $1,150, 7.6%, 5 years 12. $266, 5.2%, 3 years 13. $450, 22%, 1 year 14. $2,180, 7.7%, years 15. $2,650, 3.65%, 4 1 years 16. $1,245, 5.4%, 6 months 2 Chapter 6 57 Course 2

13 E Homework Practice Simple Interest Find the simple interest earned to the nearest cent for each principal, interest rate, and time. 1. $750, 7%, 3 years 2. $1,200, 3.5%, 2 years 3. $450, 5%, 4 months 4. $1,000, 2%, 9 months 5. $530, 6%, 1 year 6. $600, 8%, 1 month Find the simple interest paid to the nearest cent for each loan, interest rate, and time. 7. $668, 5%, 2 years 8. $720, 4.25%, 3 months 9. $2,500, 6.9%, 6 months 10. $500, 12%, 18 months 11. $300, 9%, 3 years 12. $2,000, 20%, 1 year 13. ELECTRONICS Rita charged $126 for a DVD player at an interest rate of 15.9%. How much will Rita have to pay after 2 months if she makes no payments? 14. VACATION The average cost for a vacation is $1,050. If a family borrows money for the vacation at an interest rate of 11.9% for 6 months, what is the total cost of the vacation including the interest on the loan? 15. INVESTMENTS Serena has $2,500 to invest in a CD (certificate of deposit). a. If Serena invests the $2,500 in the CD that yields 4% interest, what will the CD be worth after 2 years? b. Serena would like to have $3,000 altogether. If the interest rate is 5%, in how many years will she have $3,000? c. Suppose Serena invests the $2,500 for 3 years and earns $255. What was the rate of interest? Get Connected For more examples, go to glencoe.com. Chapter 6 58 Course 2

14 E Problem Solving Practice Simple Interest 1. SAVINGS ACCOUNT How much interest will Hannah earn in 4 years if she deposits $630 in a savings account at 6.5% simple interest? 2. INVESTMENTS Terry invested $2,200 in the stock market for 2 years. If the investment earned 12%, how much money did Terry earn in 2 years? 3. SAVINGS ACCOUNT Malik deposited $1,050 in a savings account, and it earned $ in simple interest after four years. Find the interest rate on Malik s savings account. 4. INHERITANCE Kelli Rae s inheritance from her great-grandmother was $220,000 after taxes. If Kelli Rae invests this money in a savings account that earns $18,260 in simple interest every year, what is the interest rate on her account? 5. RETIREMENT Mr. Pham has $410,000 in a retirement account that earns 3.85% simple interest each year. Find the amount earned each year by this investment. 7. LOTTERY Raj won $900,000 in a regional lottery. After paying $350,000 in taxes, he invested the remaining money in a savings account at 4.25% simple interest. How much money is in the account if Raj makes no deposits or withdrawals for two years? 6. COLLEGE FUND When Melissa was born, her parents put $8,000 into a college fund account that earned 9% simple interest. Find the total amount in the account after 18 years. 8. SAVINGS Mona opened a savings account with a $500 deposit and a simple interest rate of 5.6%. If there were no deposits or withdrawals, how much money is in the account after years? Chapter 6 59 Course 2