Discounts, percents, markups

Front

What is a percent?

Back

A percent is a way to express a number as a fraction of 100. It is often used to compare ratios and express discounts, tax rates, and interest rates.

Front

How do you calculate the sales tax on an item?

Back

To calculate sales tax, multiply the price of the item by the sales tax rate (as a decimal). Add the sales tax to the original price to find the total cost.

Front

What is a discount?

Back

A discount is a reduction in the original price of an item, usually expressed as a percentage. It lowers the amount you pay.

Front

How do you calculate the sale price after a discount?

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To find the sale price, subtract the discount amount from the original price. The discount amount is calculated by multiplying the original price by the discount rate (as a decimal).

Front

What is a markup?

Back

A markup is an increase in the original price of an item, usually expressed as a percentage. It is added to the cost price to determine the selling price.

Front

How do you calculate the markup on an item?

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To calculate markup, multiply the cost price by the markup rate (as a decimal) and add that amount to the cost price.

Front

If an item costs $50 and has a 20% discount, what is the sale price?

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The discount amount is $10 (20% of $50). The sale price is $40 ($50 - $10).

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If a shirt costs $30 and the sales tax is 5%, what is the total cost?

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The sales tax is $1.50 (5% of $30). The total cost is $31.50 ($30 + $1.50).

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What is the formula to find the percent of a number?

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The formula to find the percent of a number is: Percent = (Part/Whole) x 100.

Front

How do you find the original price before a discount?

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To find the original price, divide the sale price by (1 - discount rate). For example, if the sale price is $70 after a 30% discount, the original price is $100.