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Discounts and Markups

Discounts and Markups. Markup vs. Discount. Markup A retail store buys items at wholesale prices . To cover expenses and make a profit, the sells items at higher retail prices . The extra amount is called the markup. Discount

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Discounts and Markups

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  1. Discounts and Markups

  2. Markup vs. Discount • Markup A retail store buys items at wholesale prices. To cover expenses and make a profit, the sells items at higher retail prices. The extra amount is called the markup. • Discount When an item is on sale, the store is selling the item for less, so this is called discount.

  3. Markup and DiscountMarkup and Discount are like tax, commission, and tip questions. You can… • Change the percent to a decimal and multiply. • Write an equation to find the missing percent. • Write a proportion like percent problems

  4. Compare these Steps: Finding Discounts Finding Markups Step 1: Find the amount of the markup (the percent) Step 2: Turn the percent into a decimal and Multiply it by the original price Step 3: Add the markup amount to the original price. • Step 1: Find the amount of the discount (the percent) • Step 2:Turn the percent into a decimal and Multiply it by the original price • Step 3: Subtract the discount amount to the original price.

  5. A store buys a shirt at a wholesale price of $13.50 and marks the price up 50%. What is the selling price of the shirt? Calculating Markups Method One Step One- Convert the percent to a decimal. 50% = .5 Step Two – Multiply the price and the decimal. $13.50 x .5 = 6.75 Step Three- Add the markup to the price. $13.50 + 6.75 = $20.25

  6. A grocery store has a 60% markup on a can of soup. The can of soup costs the store $1.50. What is the selling price? Step One- 60% = .6 Step Two – $1.50 x .6 = $.90 Step Three- $1.50 + $.90 = $2.40

  7. A shoe store marks its merchandise up by 8%. What is the selling price of a pair shoes whose wholesale price is $24.50? Step One- 8% = . 08 Step Two – $24.50 x .08 = $1.96 Step Three- $24.50 + $1.96 = $26.46

  8. A store bought a case of scented candles for $17.85 and marked them up 110%. What was the selling price of the candles? Step One- 110% = 1.10 Step Two – $17.85 x 1.10= 19.64 Step Three- $17.85 + 19.64 = $37.49

  9. Calculating Markups Method TwoMarco buys shampoo from a supplier at $7.50 a bottle. He sells it at a 25% markup. What is the selling price? Step One- Add the percent and 100%. 25% + 100% = 125% Step Two – Convert the percent to a decimal. 125% = 1.25 Step Three- Multiply the price and the decimal. $7.50 x 1.25 = $9.375 or $9.38

  10. The local video stores pays $12.45 to a wholesaler for each game they stock. They mark the price up by 55%. What is the selling price of each game? Step One- 55% + 100% = 155% Step Two – 155% = 1.55 Step Three- $12.45 x $1.55 = $19.297 or $19.30

  11. The local pet store buys goldfish from the supplier at a cost of $3.50 each. They sell the fish to their customers at a 4.5% markup. What is the selling price of each fish? Step One- 100% + 4.5% = 104.5% Step Two – 104.5% = 1.045 Step Three- $3.50 x 1.045 = $3.66

  12. Kohl’s was having a Black Friday special on vacuum cleaners. The regular price was $85.50. With a 30% discount, what was the selling price of the vacuum? Calculating Discounts Step One- Convert the percent to a decimal. 30% = .3 Step Two – Multiply the price and the decimal. $85.50 x .3 = 25.65 Step Three- Subtract the markup to the price. $ 85.50 - 25.65 = $ 59.85

  13. Sam bought a new flat screen television for $1,299. The discount was 8%. How much did Morgan spend in all? Step One- 8% = .08 Step Two – $1,299 x .08 = 103.92 Step Three- $1,299 – 103.92 = $1,195.08

  14. Jordan purchased a new dirt bike. It costs $5500 with 25% discount? How much did he spend on his new toy? Step One- 25% = .25 Step Two – $5500 x .25 = 1,375 Step Three- $5,500 – 1,375 = $4,125

  15. Chandra went shopping for a new purse. She found the one she wanted priced at $58 and she had a coupon for 12% off. What did she pay for the purse? Step One- 12% = .12 Step Two – $58 x .12 = $6.96 Step Three- $58 – $6.96 = $51.04

  16. Mark bought five candy bars. They were priced .75 each. He got a 15% discount because he bought five. What did Mark have to pay? Step One- 15% = .15 Step Two – 5(.75) x .15 = .56 Step Three- 5(.75) - .56 = $3.19

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