1.)
Before tax $52.41
Tax Rate: 6%
Math Tip: Add 100% to 6% since 100% represents the WHOLE product getting taxed, jeans in this case.
Multiply:
$52.41*106%= 55.5546 (BEFORE ROUNDED)
FINAL ANSWER: $55.55
Alternative way:
$52.41 * 6%= $3.14 (add this tax value, $3.14, to cost of jeans)
$52.41+$3.14= $55.55
2.)
Before tax: $20,833
Tax: $1375
Since part/whole results in a percentage, this concept will be applied. The part in this problem is 1375 & the whole is 20,833.
1375/20,833= 0.0660011
0.0660011 * 100 (to convert percentage to whole number) = about 6.6%
FINAL ANSWER: SALES TAX RATE IS 6.6%
Check (Optional)
Add tax to car to find the after tax value: $1375+$20,833= $22,208
Check using percentage
$20,833*106.6%= 22,207.978
To nearest whole number = $22,208
So answer is right
3.)
Original Price (before discount) = $84
Discount percentage= 8.33%
Value of discount= ?
Final price= ?
In the alternative solving method of problem 1, the tax value was added to the cost of the product. In this case, the tax value will be subtracted since it’s getting discounted.
$84*8.33%= 6.9972 (about $7 is the discount; subtract this tax value from item)
$84-$7= $77
FINAL ANSWERS: Discount is $7 and the sale price is $77.
4.)
Cost before tip: $77.48
Tip: 15%
Math Tip: Add 100% to 15% since 100% represents the WHOLE product getting taxed, jeans in this case.
Multiply:
$77.48*115%= 89.102 (BEFORE ROUNDED)
FINAL ANSWER: $81.10 for total bill
Alternative way:
$77.48 * 15%= $11.62 (add this tax value, $11.62, to cost of the bill)
$77.48+$11.62= $81.1 —> $81.10 for the total bill
5.)
I=PRT
I= interest earned after T years, P= principal value of money borrowed or invested, R= annual rate of interest, T= length of time you borrowed or invested
I= ?
P= $3,707
R= 12%
T= 2.5 years (convert 30 months to units in years. There are 12 months in a year so, 30/12= 2.5)
Now, plug in values.
I= ($3,707)(12%)(2.5)
I= 1112.1 (add a zero, since this is working with money)
FINAL ANSWER: the simple interest is $1,112.10
Hope this helped!