Question

if the sales tax rate is 6.25% in your city, find the final cost of the itemDimond ring $655.75discount rate 40%

Answer 1

hello

to solve this question, we need to calculate the dicount rate first and then the final tax rate to it.

discount rate of the ring = 40%

let's calculate 40% of $655.75

$\begin{gathered} \frac{40}{100}=\frac{x}{655.75} \\ \text{cross multiply both sides} \\ 100\times x=40\times655.75 \\ 100x=26230 \\ \text{divide both sides by 100} \\ \frac{100x}{100}=\frac{26230}{100} \\ x=262.3 \end{gathered}$

now the discount on the ring is $262.3

let's subtract the discount from the selling price to know the value of the ring

$655.75-262.3=393.45$

the value of the ring is $393.45

now we can proceed to find the tax on the ring and then add the value to the cost of the ring to get the selling price of the ring

sales tax = 6.25%

6.25% on 393.45

$\begin{gathered} \frac{6.25}{100}=\frac{x}{393.45} \\ \text{cross multiply both sides} \\ 100\times x=6.25\times393.45 \\ 100x=2459.0625 \\ \text{divide both sides by 100} \\ \frac{100x}{100}=\frac{2459.0625}{100} \\ x=24.59 \end{gathered}$

the sales tax imposed on the ring is $24.59

now we can proceed to add the value of the tax and the cost of the ring to get the selling price of the ring

$\begin{gathered} s\mathrm{}p=c\mathrm{}p+t \\ s\mathrm{}p=\text{selling price} \\ cp=\cos t\text{ price} \\ t=\text{tax} \\ s\mathrm{}p=393.45+24.59 \\ s\mathrm{}p=418.04 \end{gathered}$

from the calculations above, the selling price of the ring is $418.04