# Percent Applications - PowerPoint PPT Presentation

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Percent Applications. Lesson 7.6 OBJ: To find markups, discounts, sales tax, and tips. Markup. An increase from the wholesale price of an item to the retail price. Retail Price = wholesale + markup Retail = wholesale x (100% + Markup percent)

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Percent Applications

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## Percent Applications

Lesson 7.6

OBJ: To find markups, discounts, sales tax, and tips

### Markup

• An increase from the wholesale price of an item to the retail price.

• Retail Price = wholesale + markup

• Retail = wholesale x (100% + Markup percent)

• Example – What is the retail price of a bracelet that has a wholesale cost of \$7 if the markup percent is 120%?

### Discounts

• A decrease from the original price of an item to the sale price.

• Sale Price = Original price – Discount

• Sale Price = Original Price x (100% - Discount Percent)

• Example - A pair of jeans that originally costs \$42 is 25% off. Find the sale price.

### Using Sales Tax and Tips

• Sales Tax – A tax based on the amount paid for goods bought, usually added to the price. It is calculated using percents.

• Tip – An amount of money given based on the percentage of bill and service. It is calculated using percents.

• Example – The bill for your restaurant meal is \$23. You leave a 15% tip. The sales tax is 5%. What is the total cost of the meal?

• ** The tip is based on the food bill only. Do not include the sales tax when finding a tip.

### Finding an Original Amount

• Retail Price = Whole Price x (100% + Markup percent)

• Example – A store marks up the wholesale price of a printer by 80%. The retail price is \$120. What is the wholesale price of the printer?

### Examples

• Find the retail price of a collectible figurine with a wholesale cost of \$12 that is marked up 75%.

• Mason buys a suit that is on sale for 20% off the original price of \$180. What is the sale price?

### Examples

• The bill for a family’s meal at a restaurant is \$68. They leave a 15% tip. The sales tax is 6%. What is the total cost of their meal?

• A dress shop marks up the wholesale price of a prim dress by 115%. The retail price is \$180. What is the wholesale price of the dress?

### Assignments

• Class work – Guided Practice P. 359 1-7.

• Homework – Text p. 360-361, #’s 8-26 evens