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POD. What number is 25% of 240?. 60. Sales Tax, Tips, and Markup. Sales tax is an additional amount of money charged on items that people buy. The total cost of an item is the regular price plus the sales tax.

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  1. POD What number is 25% of 240? 60

  2. Sales Tax, Tips, and Markup Sales tax is an additional amount of money charged on items that people buy. The total cost of an item is the regular price plus the sales tax. A tip or gratuity is a small amount of money in return for a service. The total price is the regular price plus the tip.

  3. A store sells an item for more than it pays for those items. The amount of increase is called the markup. The selling price is the amount the customer pays for an item.

  4. Example 1: sales tax Drew wants to buy exercise equipment that costs $140 and the sales tax is 5.75%. What is the total cost of the equipment? Method 1: Add the sales tax to the regular price Let t = the sales tax. Use the following equation: t = percent × whole Turn 5.75% into a decimal t = 0.0575 × 140 t = 8.05 140 + 8.05 = $148.05 The total cost of the exercise equipment is$148.05

  5. Example 1: sales tax Drew wants to buy exercise equipment that costs $140 and the sales tax is 5.75%. What is the total cost of the equipment? Method 2: Add the percent of tax to 100% Let t = the sales tax. Use the following equation: t = percent × whole 100% + 5.75% = 105.75% t = 1.0575 × 140 t = 148.05 The total cost of the exercise equipment is$148.05

  6. Example 2: Tip A customer wants to tip 15% on a restaurant bill that is $35. What will be the total bill with tip? Method 1: Add the tip to the regular price Let t = the tip. Use the following equation: t = percent × whole Turn 15% into a decimal t = 0.15 × 35 t = 5.25 Add the tip to the bill. $5.25 + $35 = $40.25

  7. Example 2: Tip A customer wants to tip 15% on a restaurant bill that is $35. What will be the total bill with tip? Method 2: Add the percent of tip to 100% Let t = the tip. Use the following equation: t = percent × whole 100% + 15% = 115% t = 1.15 × 35 t = 40.25 The total bill is $40.25

  8. Example 3: Markup A store pays $56 for a GPS navigation system. The markup is 25%. Find the selling price. Method 1: Add the markup to the price Let m = the markup. Use the following equation: m = percent × whole Turn 25% into a decimal m = 0.25 × 56 m = 14 Add the markup to the price. $14 + $56 = $70 The selling price is $70

  9. Example 3: Markup A store pays $56 for a GPS navigation system. The markup is 25%. Find the selling price. Method 2: Add the percent of markup to the cost Let m = the markup. Use the following equation: m = percent × whole 100% + 25% = 125% m = 1.25 × 56 m = 70 The selling price is $70

  10. Whiteboard time What is the total cost of a sweatshirt if the regular price is $42 and the sales tax is 5.5% t = 1.055 × 42 t = $44.31

  11. Whiteboard time Scott wants to tip his taxicab driver 20%. If his commute costs $15, what is the total cost? t = .20 × 15 t = 3.0 $15 + $3 = $18

  12. Whiteboard time Find the total cost of a spa treatment of $42 including 6% sales tax and a 20% tip. t = 1.26 × 42 t = $52.92

  13. Whiteboard time A store pays $150 for a portable basketball backboard and the markup is 40%. What is the selling price? m = .40 × 150 m = 60 60 + 150 = 210 The selling price is $210

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