Sales Tax
A roll of plastic electrical tape costs $2.79. If the sales tax rate is 5%, then how much sales tax is being charge? What is the total cost for the tape including tax?
Rounded to the nearest cent the sales tax is $0.14.
Answer: The sales tax is $0.14 and the total cost is $2.79 + $0.14 = $2.93.
In a department store, a $40 dress is marked, "save 25%." What is the discount?
Solution: 0.25 x 40
=10
The discount is $10
The sale price of a wooden bench is $36.00 with 50% off. What was the original price?
Solution: 36 divided by 0.5
$72.00
A bank is offering 3.5% simple interest on a savings account. If you deposit $7,500, how much interest will you earn in two years?
Solution: I=Prt
I = 7500(0.035)(2)
I=$535
If Michael invests $2000 in the bank at a rate of 5.5% for 6 years how much interest will he make?
Solution:
I=prt
I=(2000) (0.05) (6)
I=600
The price of a new car is $29,990. If the sales tax rate is 6.5%, then how much sales tax is being charged? What is the total cost for the car including tax?
Answer: The sales tax is $1949.35 and the total cost is $29,990.00 + $1949.35 = $31,939.35.
In a grocery store, a $12 case of soda is labeled, "get a 20% discount," what is the discount?
Solution: $2.40 saved
Hayley buys a silver coat rack during the sale. The sale is 90% off. If Hayley pays $95, what was the original price?
Solution: 95 divided by 0.10
$ 950
Sara puts $4,000 into an investment yielding 5% annual simple interest; she left the money in for five years. How much interest does Sara get at the end of those five years?
Solution: $1, 000
At what rate would you need to invest $12000 and make $2880 after 8 years?
Solution: I =prt subtract 12000-2880=9120
9120=12000(r) (8)
9120=96000 (r)
9120 divided by 96000
=9.5 years
If your restaurant food was $17.00 and the total bill was $17.68, then what is the sale tax rate being charged?
Solution: $17.68 - $17.00 = $0.68 and ($0.68) ÷ ($17.00) = 0.04.
Answer: The sales tax rate is 4%.
At Best Buy they have a 42" TV that sells for $1250 and is on sale for 15% off and sales tax is 6.5%. What is the final cost?
Solution: Find the 15% off first
1250(0.15) =187.50
Subtract 1250-187.50=1062.50
1062.50 x 0.065=69.06
Add 69.06 + 1062.50=$1131.56
If you buy 3 shirts, you get 10% discount. If you paid $270 for 6 shirts what is the original price of a T-shirt?
Solution: 270 divided by 0.90=300
Divide 300 by 6 to get unit rate
So, one shirt costs $50.00
In how many years will $1,200 yield an interest of $180 at 3% simple interest?
Solution: 5 years
Taylor has just won $4,250 from the 50/50 at the Sea Dog's game and decides to invest all of it. If he makes $1275 with a 5% interest rate, how long must he have had the money invested?
Solution: 6 years
Amy bought a dress marked $42 and then paid the store clerk a total of $43.47. What was the sales tax rate? (Enter your answer as a percent.)
Solution: 3.5%
A video game in Vancouver is discounted by 30%. Its regular price is $27.99. Find the new price of the item.
Solution: 0.70 x 27.99
=$19.59
So, the sale price of the video game is $19.59.
Solution: 575 divided by 0.70
Answer: $821.42
What will the total value of an investment of $5000 be if it has an interest rate of 7% and is invested for 20 years?
Solution: I=prt
I= (5000) (0.07) (20)
I=7,000
7,000 + 5, 000
=$12, 000
Scott takes gets a student loan to go to college after high school. If he pays $750 in interest at a rate of 3%, how much must the loan have been for originally?
Solution: I=PRT
750= (P) (0.03) (1)
750 divided by 0.03
=25,000
If you go out to eat with 3 friends, and your meal was $72.50, there is a 6. 75% sales tax, and you should tip the waiter 15%. How much should each person pay?
Solution: 72.50 (0.0675)=4.89
72.50 + 4.89=77.39
Tip: 0.15(77.39)=11.60
Tip + Bill 11.60 +77.39=89.00
89.00 divided by 4=22.25 Each person is paying $22.25
A shopkeeper marked a dinner set for $1000. He sold it at $900. What percent discount did he give?
Solution: $1000- $900=100
100 divided by 1000=0.1
0.1 x 100=10%
A dozen of eggs were sold for $1.35 at a discount of 10%. What was the original price of the eggs?
Solution: $1.50
$400 interest is earned on a principal of $2,000 at a simple interest rate of 5% interest per year. For how many years was the principal invested?
Solution: 4 years
Morgan has an investment worth $130,000 dollars after 20 years. If his original investment was for $50,000 what must the interest rate have been?
Solution: 7.6%