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