QUIZ
1. What is the formula for percent of change?2. Given the following information:
Original: 58New: 88find the percent of change (make sure to include
whether it was an increase or decrease).
3. I went to the store and PURCHASED a jacket that was only $27. I looked at the clothing tag and the ORIGINAL price was $70. What was the percent of change from the price I paid to the original price?
Percents…(continued)
Mark-Ups
A markup is when the price is INCREASED.
Words that indicate a MARKUP
MarkupTax (calculated on the FINAL subtotal)TipIncreased% increaseProfitInterest
How to CALCULATE markups
Wholesale price: $13Markup percent: 110%
Step 1: Start with original AMOUNT. $13
Step 2: Find the markup AMOUNT using the markup PERCENT.
$13 x 1.10 = $14.3 (this gives us our markup AMOUNT)
Step 3: Add our MARKUP amount to the ORIGINAL amount.
$14.30 + $13 = $27.30
This means that $27.30 is the price we must charge in order for us to obtain 110% of our original wholesale price.
Now, you try it…
Wholesale Price: $45Markup Percent: 18%
Now, you try it…
Wholesale Price: $178Markup Percent: 20%
Discounts
A discount is when the price is DECREASED.
Words that indicate a DISCOUNT
DiscountDecreaseSale% off
How to CALCULATE discounts
Original price: $50Sale percent: 27%
Step 1: Start with original AMOUNT. $50
Step 2: Find the sale DISCOUNT using the sale PERCENT. $50 x .27 = $13.50 (this gives us our discount AMOUNT)
Step 3: Subtract our discount AMOUNT from the ORIGINAL amount.
$50 - $13.50 = $36.50
This means that $36.50 is the price we pay AFTER the discount of 27%.
Now, you try it…
Original Price: $44Sale Percent: 25%
Now, you try it…
Original Price: $180Discount Percent: 15%
You try a real world application.
I went to Marshall’s and saw a coat that I liked. This being Marshall’s, they had EVERYTHING on discount, AND they additionally had a sale. The coat that I liked was originally $75. Marshall’s had marked the coat down 10% initially. They THEN had the coat listed at 30% off. I thought this was a good deal so I went to the register to pay. This being Tennessee, though, I remembered there is a sales tax of 9.75%. What was the final price that I paid after my sale discount and tax?
Homework
Page 360 #8, 10, 16, 24