Question

Patrick has saved $300 for a new speaker. He finds a $750 speaker on sale for 30% off. If GST is 5% and the PST is 6%, how much money will Patrick have to borrow in order to buy this stereo?

Answer 1

Patrick will have to borrow $282.75 to buy the $750 speaker on sale for 30% off after adding 5% GST and 6% PST to the sale price and subtracting his $300 savings.

Step-by-step explanation:

Patrick is looking to buy a new speaker that originally costs $750 but is on sale for 30% off. First, we calculate the sale price:

$750 - (0.30 × $750) = $750 - $225 = $525

Now we add the GST and PST:

GST (5%): $525 × 0.05 = $26.25
PST (6%): $525 × 0.06 = $31.50

Adding these taxes to the sale price, we get:

$525 + $26.25 + $31.50 = $582.75 as the total cost.

Patrick has $300, so he needs to borrow:

$582.75 - $300 = $282.75

Therefore, Patrick will have to borrow $282.75 to purchase the speaker.