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Calculating Tips, Discounts, and Total Costs: A Practical Guide

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quasar
20 diapositives · 294 Views · Jul 17, 2014

Learn how to calculate tips, discounts, and total costs on bills with easy-to-follow steps and examples. Master the art of saving money and getting the best deals! This guide covers percentages, gratuities, and bill totals, ensuring you make informed financial decisions. Perfect for students learning about Number Sense 1.4 and anyone looking to manage their expenses efficiently.

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Calculating Tips, Discounts, and Total Costs: A Practical Guide
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  1. Chapter 6, Section 6 Tips and Discounts

  2. Anticipatory Set • Yesterday I went to Target with my coupon book, ready to buy a new flat screen television for $550.99. If I were to buy the flat screen before the winter sale was over, I would receive a 20% discount. Am I getting a good deal? Today you are going to help me figure that out. Should I but it or save my money? Let’s ftake a look and see!

  3. California State Standards • Number Sense 1.4 • Calculate given percentages of quantities and solve problems involving discounts at sales, earned interest and tips.

  4. Language of the Discipline • Tip • Discount • Total Cost

  5. What is a Tip? (Input) • A TIP is a gratuity or bonus paid out on top of the original amount of a bill to a server or worker. • Here, a percentage is assigned as a “TIP” and is given in addition to the original amount of the bill. • TIPS are easily calculated using a simple math function.

  6. How to Calculate a Tip (Input/Modeling) • When you are calculating a TIP, please remember that you will need to follow a set order of steps to solve. • Step 1: Convert your TIP Percentage into a Decimal. • Step 2: Multiply the decimal by the amount of the bill. • Example: 15% tip on a bill of $60.00 (0.15)($60.00) = TIP $9.00 = TIP

  7. How to Calculate a TOTAL Bill Including Tip. (Input/Modeling) • Not only can a TIP be easily determined, but the TOTAL amount of a bill INCLUDING the TIP can be solved for as well. • Remember that the TOTAL bill can be thought of as the following: • Original Amount + TIP Amount = Total Bill • Example: Your Dinner Bill is $50.00 and you want to leave a 20% TIP. • 20% can thought of as 0.20. • TIP is solved as ($50.00)(0.20) = $10.00 • Original Amount + TIP Amount = Total Bill • ($50.00) + ($10.00) = Total Bill • $60.00 = Total Bill

  8. Calculating the Total Bill(Input/Modeling) • Example: Mr. Smith and his family went to Marie Callendar’s for dinner and received a bill for $80.00. He decided to give his waitress a TIP of 20%. • What would be the cost of the TOTAL Bill? • Hint: ORIGINAL Cost + TIP = TOTAL Bill. • Please solve.

  9. Alternate Method to Solve a Total Bill (Input/Modeling) • Another way to solve for the TOTAL Bill is to rethink how you you set up the problem. • Here let’s look at the following example: • Bill is $120.00 and the TIP is 15%. • Instead of solving TIP first and then adding it to the ORIGINAL Bill, you can solve it in a different manner. • Here think of the MULTIPLIER as the following: • Original Bill + TIP Percent = TOTAL Bill • 100% + TIP = TOTAL Bill • 100% + 15% = 115% • 115% = 1.15 • ($120)(1.15) = TOTAL Bill • $138.00 = TOTAL Bill.

  10. What is a Discount? (Input) • A discount is an amount REMOVED from the Original Cost of an item. • Discount Amount is determined by completing the following steps: • Step 1: Convert your DISCOUNT percent into a decimal. • Step 2: Multiply the ORIGINAL Amount by the DISCOUNT Percent. The result is the DISCOUNT Amount.

  11. What is the SELLING Cost?(Input) • Selling Cost can be determined in 2 different ways • Solution 1: -Calculate the DISCOUNT and then subtract it away from the ORIGINAL Cost. • Solution 2: -Determine what will be remaining from the ORIGINAL Cost’s starting percentage of 100% and the DISCOUNT percent. -The remainder of the ORIGINAL 100% can then be used as a multiplier.

  12. How to Calculate Selling Cost • Selling Cost is the ORIGINAL COST of an item LESS the DISCOUNT AMOUNT. • ORIGINAL Cost – DISCOUNT Amount = SELLING Cost • Hint: Remember that when you DISCOUNT something, you are NOT paying for the entire amount. By taking away the DISCOUNT you then have the SELLING Cost. • Example: You buy an item and get a 20% discount, therefore you are paying for only 80% of the cost of the item. • 100% - 20% = 80%

  13. How to Calculate a Discount:Example #1 (Modeling) • Example #1: • An LSU sweatshirt costs $72.00. There is a 40 % discount. How much will the discount be? • 40% = .40 • (72.00)(0.40) = 28.80 • $28.80 • Step #! • Convert the percent into a decimal. Twice to the left! • Step #2 • Multiply the decimal an the dollar amount. • Step #3 • Solve to find the discounted amount

  14. How to Calculate a Discount:Example #2 (Modeling) • Example #1: • A new iPhone 5 costs $600.00. There will be a 20% discount. What is the new price? • 20% = .20 • (600.00)(.20) = 120.00 • 600.00 – 120.00 = 480.00 • $480.00 • Step #! • Convert the percent into a decimal. Twice to the left! • Step #2 • Multiply the decimal an the dollar amount. • Step #3 • Solve to find the discounted amount

  15. Check for Understanding • Please determine the BEST answer for the following question. • Please write your answer on your white boards and wait for the teacher’s signal. • On the teacher’s signal, hold up your white boards.

  16. Checking for UnderstandingQuestion #1 • You and your friend eat lunch at a restaurant. The bill is $22.76. How much would a 15% tip be?

  17. Checking for Understanding Question #2 • Find the total cost of a $35.44 meal and a 15% tip.

  18. Checking for Understanding Question #3 • A new kitchen table costs $675.00. It is now on sale for 35% off. What is the discounted amount?

  19. Checking for Understanding Question #4 • A skirt at Forever 21 costs $30.00. It was moved to the sale rack and now has a 40% discount. How much is the cost of the skirt after the discount?

  20. Guided Practice/Independent Practice • Guided Practice • Complete textbook pg 260. #15-17 • Raise your hand and wait for a stamp. • If you get an “R” on your paper, please go to the back table with Ms. Graham • Independent Practice • Please come textbook pg 260. #18-20