Find the percent: tax, discount, and more

Learning Objectives Calculate the amount of sales tax on a purchase and the total cost. Determine the discount amount and the final price of an item after a discount. Apply percentage calculations to find tips and commissions. Calculate the percentage of tax or discount given the original and final prices. Solve real-world problems involving percent increase and decrease in consumer contexts. Distinguish between calculating a percentage of a number and finding the percent change. Ever wondered how much extra money you pay for your new video game or how much you save on those cool sneakers during a sale? 🎮💰 In this lesson, you'll learn how to calculate percentages related to everyday financial situations like sales tax, discounts, tips, and commissions. Understanding...

TermDefinitionExample PercentA ratio that compares a number to 100, meaning 'out of one hundred'. It is often represented by the symbol '%'.25% means 25 out of 100, or 25/100, which is equivalent to the decimal 0.25. Sales TaxAn additional percentage charged by the government on the sale of goods and services, added to the original price.If a book costs $15 and the sales tax is 6%, you pay an extra $0.90 in tax. DiscountA reduction in the original price of an item, usually expressed as a percentage off the original price.A $60 jacket with a 20% discount means you save $12 off the original price. Original PriceThe initial price of an item before any tax, discount, or other charges are applied.The sticker price of a new bicycle before any sales or promotions. Final Price...

Calculating a Percentage of a Number `Amount = Percent (as a decimal) \times Whole` Use this rule to find the specific amount of tax, discount, tip, or commission when you know the percentage rate and the original value (the whole). Calculating Final Price (with Tax) `Final Price = Original Price \times (1 + Tax Rate (as a decimal))` This formula efficiently calculates the total cost of an item after sales tax has been added. The '1' represents 100% of the original price. Calculating Final Price (with Discount) `Final Price = Original Price \times (1 - Discount Rate (as a decimal))` This formula efficiently calculates the total cost of an item after a discount has been applied. The '1' represents 100% of the original price, from which the discount...