Markups and Discounts Chapter 7 6 Goals To
- Slides: 14
Markups and Discounts: Chapter 7. 6 Goals: To find the NEW PRICE after a markup. To find a NEW PRICE after a discount.
Markup vs. Discount • Markup • Discount A retail store buys When an item is on items at wholesale, the store is prices. To cover selling the item for expenses and make a less, so this is called profit, the sells items discount. at higher retail prices. The extra amount is called the markup
IN SHORT!!! • Markup: means you have to pay more money. You’ll add the markup to the price. • Discount: means you have to pay less money. You’ll subtract the discount from the price. • YOU HAVE TO USE THE IS/OF EQUATION
WHAT WILL BE YOUR LAST STEP! (Add or Subract) Wholesale price: 18 Markup percent: 105% Wholesale price: 102 Markup percent: 50% add with 18 with 102
WHAT WILL BE YOUR LAST STEP! (Add or Subract) Original Price: $22 Discount Percent: 25% Original Price: $90 Discount Percent: 35% subtract from 22 from 90
WHAT WILL BE YOUR LAST STEP! (Add or Subract) Wholesale price: $99 Discount Percent: 120% Original Price: $38 Discount Percent: 40% add subtract with 99 from 38
Markup or Discount Formula X = PRICE FIRST: You have to find X. THEN: You have to find the new price % 100
SETTING UP THE IS/OF Wholesale price: $18 Markup percent: 105% 105 X 18 = 100 Wholesale price: $102 Markup percent: 50% 50 X 102 = 100
SETTING UP THE IS/OF Original price: $22 Discount percent: 25% 25 X 22 = 100 Original price: $90 Discount percent: 35% 35 X 90 = 100
SETTING UP THE IS/OF Wholesale price: $99 Markup percent: 120% 120 X 99 = 100 Original price: $38 Discount percent: 40% 40 X 38 = 100
FINISH THE PROBLEM Wholesale price: $18 Markup percent: 105% 105 X 18 What is x? = 100 18. 9 Wholesale price: $102 Markup percent: 50% 50 X 102 What is x? = 100 51 What is the new price? Add 18. 9 with 18 What is the new price? Add 51 with 18 $36. 90 $69
FINISH THE PROBLEM Original price: $22 Discount percent: 25% 25 X 22 What is x? = 100 5. 5 Original price: $90 Discount percent: 35% 35 X 90 What is x? = 100 31. 5 What is the new price? Subtract 5. 5 from 22 What is the new price? Subtract 31. 5 from 90 $27. 50 $58. 50
FINISH THE PROBLEM Wholesale price: $99 Markup percent: 120% X 99 What is x? = Original price: $38 Discount percent: 40% 102 X 100 38 118. 8 What is x? 40 = 100 15. 2 What is the new price? Add 188. 8 with 99 What is the new price? Subtract 15. 2 from 38 $217. 80 $22. 80
On Your Own Practice Workpage Pg. 97 ex 1 -6 BONUS: Pg. 98 ex 18 -21