Q24. - Algebra 1

Question

Find the total price of each item.

messenger bag: $28.00 

tax: 7.25%

Step-by-Step Solution

Answer

The cost of the used car is $11,625.

Step 1. Use the definition of the percentage change.

The percent change is the increase or decrease in the value of a quantity. If the new value is larger than the original value then it is a percent increase and if the change in value is lesser than the original value it is called percentage decrease.

Step 2. Concept of sales tax.

Sales tax is a tax that is added to the cost of the item the final cost is called selling cost. It is a percent of the increase in the cost.

Step 3. Find the new price.

We are given the following price and the tax percentages:

messenger bag: $28.00 

tax: 7.25% 

The tax is 7.25%  of the price. We will add this amount to the original price. 

So If x represents the new price after adding taxes then we have:

$\begin{array}{l}x=7.25\%\text{ of Price + Price}\\ x=7.25\%\times \$28.00+\$28.00\\ x=\frac{7.25}{100}\times 28.00+28.00\\ x=0.0725\times 28.00+28.00\\ x=2.03+28.00\\ x=\$30.03\end{array}$

Thus, the total cost of a messenger bag is $30.03.