markups and discounts: chapter 7.6 goals: to find the new price after a markup. to find a new price...
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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. DiscountMarkup vs. Discount
• MarkupMarkupA retail store buys A retail store buys
items at items at wholesale wholesale pricesprices. To cover . To cover expenses and make a expenses and make a profit, the sells items profit, the sells items at higher at higher retail retail pricesprices. The extra . The extra amount is called the amount is called the markupmarkup.
• DiscountDiscountWhen an item is on When an item is on
salesale, the store is , the store is selling the item for selling the item for less, so this is called less, so this is called discount.discount.
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: 18Markup percent: 105%
add
with 18
Wholesale price: 102Markup percent: 50%
add
with 102
WHAT WILL BE YOUR LAST STEP!(Add or Subract)
Original Price: $22Discount Percent: 25%
subtract
from 22
Original Price: $90Discount Percent: 35%
subtract
from 90
WHAT WILL BE YOUR LAST STEP!(Add or Subract)
Wholesale price: $99Discount Percent: 120%
add
with 99
Original Price: $38Discount Percent: 40%
subtract
from 38
Markup or Discount Formula
X = % PRICE 100
FIRST: You have to find X.
THEN: You have to find the new price
SETTING UP THE IS/OF
Wholesale price: $18Markup percent: 105%
=10018
X 105
Wholesale price: $102Markup percent: 50%
=100102
X 50
SETTING UP THE IS/OF
Original price: $22Discount percent: 25%
=10022
X 25
Original price: $90Discount percent: 35%
=10090
X 35
SETTING UP THE IS/OF
Wholesale price: $99Markup percent: 120%
=10099
X 120
Original price: $38Discount percent: 40%
=10038
X 40
FINISH THE PROBLEM
Wholesale price: $18Markup percent: 105%
=10018
X 105
Wholesale price: $102Markup percent: 50%
18.9
What is the new price?
What is x?
Add 18.9 with 18
$36.90
=100102
X 50
51
What is the new price?
What is x?
Add 51 with 18
$69
FINISH THE PROBLEM
Original price: $22Discount percent: 25%
=10022
X 25
Original price: $90Discount percent: 35%
5.5
What is the new price?
What is x?
Subtract 5.5 from 22
$27.50
=10090
X 35
31.5
What is the new price?
What is x?
Subtract 31.5 from 90
$58.50
FINISH THE PROBLEM
Wholesale price: $99Markup percent: 120%
=10099
X 102
Original price: $38Discount percent: 40%
118.8
What is the new price?
What is x?
Add 188.8 with 99
$217.80
=10038
X 40
15.2
What is the new price?
What is x?
Subtract 15.2 from 38
$22.80
On Your Own
Practice WorkpagePg. 97 ex 1-6
BONUS:Pg. 98 ex 18-21