Question

Samuel paid $720 for a new music system. The list price for the music system was $800. What was his rate of discount?

Answer 1

His rate of discount=10%

Explanation:

Step 1: Get the discount amount

Discount amount=List price-sale price

where;

List price=$800

Sale price=$720

replacing;

Discount amount=(800-720)=80

Discount amount=$80

Step 2: Calculate discount rate

The discount rate can be calculated as;

discount rate=(discount/List price)×100

where;

discount=$80

List price=$800

replacing;

discount rate=(80/800)×100=10%

discount rate=10%