{"id":10443,"date":"2017-05-26T20:39:00","date_gmt":"2017-05-26T20:39:00","guid":{"rendered":"https:\/\/courses.lumenlearning.com\/prealgebra\/?post_type=chapter&#038;p=10443"},"modified":"2020-09-11T00:31:01","modified_gmt":"2020-09-11T00:31:01","slug":"summary-solving-sales-tax-commission-and-discount","status":"publish","type":"chapter","link":"https:\/\/courses.lumenlearning.com\/suny-rockland-developmentalemporium\/chapter\/summary-solving-sales-tax-commission-and-discount\/","title":{"raw":"4.3.c - Summary: Solving Sales Tax, Commission, and Discount Applications","rendered":"4.3.c &#8211; Summary: Solving Sales Tax, Commission, and Discount Applications"},"content":{"raw":"<h2>Key Concepts<\/h2>\r\n<ul id=\"fs-id1436682\">\r\n \t<li><strong>Sales Tax<\/strong> The sales tax is a percent of the purchase price.\r\n<ul id=\"eip-id1165656974883\">\r\n \t<li>[latex]\\text{sales tax}=\\text{tax rate}\\cdot \\text{purchase price}[\/latex]<\/li>\r\n \t<li>[latex]\\text{total cost}=\\text{purchase price}+\\text{sales tax}[\/latex]<\/li>\r\n<\/ul>\r\n<\/li>\r\n \t<li><strong>Commission<\/strong> A commission is a percentage of total sales as determined by the rate of commission.\r\n<ul id=\"eip-id2790898\">\r\n \t<li>[latex]\\text{commission}=\\text{rate of commission}\\cdot \\text{original price}[\/latex]<\/li>\r\n<\/ul>\r\n<\/li>\r\n \t<li><strong>Discount<\/strong> An amount of discount is a percent off the original price, determined by the discount rate.\r\n<ul id=\"eip-id1165660523234\">\r\n \t<li>[latex]\\text{amount of discount}=\\text{discount rate}\\cdot \\text{original price}[\/latex]<\/li>\r\n \t<li>[latex]\\text{sale price}=\\text{original price}-\\text{discount}[\/latex]<\/li>\r\n<\/ul>\r\n<\/li>\r\n \t<li><strong>Mark-up<\/strong> The mark-up is the amount added to the wholesale price, determined by the mark-up rate.\r\n<ul id=\"eip-id1165654091045\">\r\n \t<li>[latex]\\text{amount of mark-up}=\\text{mark-up rate wholesale price}[\/latex]<\/li>\r\n \t<li>[latex]\\text{list price}=\\text{wholesale price}+\\text{mark up}[\/latex]<\/li>\r\n<\/ul>\r\n<\/li>\r\n<\/ul>\r\n<h2>Glossary<\/h2>\r\n<dl id=\"fs-id1166482443363\" class=\"definition\">\r\n \t<dt>commission<\/dt>\r\n \t<dd id=\"fs-id1739163\">A commission is a percentage of total sales as determined by the rate of commission.<\/dd>\r\n<\/dl>\r\n<dl id=\"fs-id1361485\" class=\"definition\">\r\n \t<dt>discount<\/dt>\r\n \t<dd id=\"fs-id1387176\">An amount of discount is a percent off the original price, determined by the discount rate.<\/dd>\r\n<\/dl>\r\n<dl id=\"fs-id1468532\" class=\"definition\">\r\n \t<dt>mark-up<\/dt>\r\n \t<dd id=\"fs-id1166490904624\">The mark-up is the amount added to the wholesale price, determined by the mark-up rate.<\/dd>\r\n<\/dl>\r\n<dl id=\"fs-id1105267\" class=\"definition\">\r\n \t<dt>sales tax<\/dt>\r\n \t<dd id=\"fs-id1339010\">The sales tax is a percent of the purchase price.<\/dd>\r\n<\/dl>","rendered":"<h2>Key Concepts<\/h2>\n<ul id=\"fs-id1436682\">\n<li><strong>Sales Tax<\/strong> The sales tax is a percent of the purchase price.\n<ul id=\"eip-id1165656974883\">\n<li>[latex]\\text{sales tax}=\\text{tax rate}\\cdot \\text{purchase price}[\/latex]<\/li>\n<li>[latex]\\text{total cost}=\\text{purchase price}+\\text{sales tax}[\/latex]<\/li>\n<\/ul>\n<\/li>\n<li><strong>Commission<\/strong> A commission is a percentage of total sales as determined by the rate of commission.\n<ul id=\"eip-id2790898\">\n<li>[latex]\\text{commission}=\\text{rate of commission}\\cdot \\text{original price}[\/latex]<\/li>\n<\/ul>\n<\/li>\n<li><strong>Discount<\/strong> An amount of discount is a percent off the original price, determined by the discount rate.\n<ul id=\"eip-id1165660523234\">\n<li>[latex]\\text{amount of discount}=\\text{discount rate}\\cdot \\text{original price}[\/latex]<\/li>\n<li>[latex]\\text{sale price}=\\text{original price}-\\text{discount}[\/latex]<\/li>\n<\/ul>\n<\/li>\n<li><strong>Mark-up<\/strong> The mark-up is the amount added to the wholesale price, determined by the mark-up rate.\n<ul id=\"eip-id1165654091045\">\n<li>[latex]\\text{amount of mark-up}=\\text{mark-up rate wholesale price}[\/latex]<\/li>\n<li>[latex]\\text{list price}=\\text{wholesale price}+\\text{mark up}[\/latex]<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h2>Glossary<\/h2>\n<dl id=\"fs-id1166482443363\" class=\"definition\">\n<dt>commission<\/dt>\n<dd id=\"fs-id1739163\">A commission is a percentage of total sales as determined by the rate of commission.<\/dd>\n<\/dl>\n<dl id=\"fs-id1361485\" class=\"definition\">\n<dt>discount<\/dt>\n<dd id=\"fs-id1387176\">An amount of discount is a percent off the original price, determined by the discount rate.<\/dd>\n<\/dl>\n<dl id=\"fs-id1468532\" class=\"definition\">\n<dt>mark-up<\/dt>\n<dd id=\"fs-id1166490904624\">The mark-up is the amount added to the wholesale price, determined by the mark-up rate.<\/dd>\n<\/dl>\n<dl id=\"fs-id1105267\" class=\"definition\">\n<dt>sales tax<\/dt>\n<dd id=\"fs-id1339010\">The sales tax is a percent of the purchase price.<\/dd>\n<\/dl>\n\n\t\t\t <section class=\"citations-section\" role=\"contentinfo\">\n\t\t\t <h3>Candela Citations<\/h3>\n\t\t\t\t\t <div>\n\t\t\t\t\t\t <div id=\"citation-list-10443\">\n\t\t\t\t\t\t\t <div class=\"licensing\"><div class=\"license-attribution-dropdown-subheading\">CC licensed content, Specific attribution<\/div><ul class=\"citation-list\"><li>Prealgebra. <strong>Provided by<\/strong>: OpenStax. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\">CC BY: Attribution<\/a><\/em>. <strong>License Terms<\/strong>: Download for free at http:\/\/cnx.org\/contents\/caa57dab-41c7-455e-bd6f-f443cda5519c@9.757<\/li><\/ul><\/div>\n\t\t\t\t\t\t <\/div>\n\t\t\t\t\t <\/div>\n\t\t\t <\/section>","protected":false},"author":17533,"menu_order":16,"template":"","meta":{"_candela_citation":"[{\"type\":\"cc-attribution\",\"description\":\"Prealgebra\",\"author\":\"\",\"organization\":\"OpenStax\",\"url\":\"\",\"project\":\"\",\"license\":\"cc-by\",\"license_terms\":\"Download for free at http:\/\/cnx.org\/contents\/caa57dab-41c7-455e-bd6f-f443cda5519c@9.757\"}]","CANDELA_OUTCOMES_GUID":"01d284e7595d4d0ea34acb165d15e15a","pb_show_title":"on","pb_short_title":"","pb_subtitle":"","pb_authors":[],"pb_section_license":""},"chapter-type":[],"contributor":[],"license":[],"class_list":["post-10443","chapter","type-chapter","status-publish","hentry"],"part":7176,"_links":{"self":[{"href":"https:\/\/courses.lumenlearning.com\/suny-rockland-developmentalemporium\/wp-json\/pressbooks\/v2\/chapters\/10443","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/courses.lumenlearning.com\/suny-rockland-developmentalemporium\/wp-json\/pressbooks\/v2\/chapters"}],"about":[{"href":"https:\/\/courses.lumenlearning.com\/suny-rockland-developmentalemporium\/wp-json\/wp\/v2\/types\/chapter"}],"author":[{"embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/suny-rockland-developmentalemporium\/wp-json\/wp\/v2\/users\/17533"}],"version-history":[{"count":5,"href":"https:\/\/courses.lumenlearning.com\/suny-rockland-developmentalemporium\/wp-json\/pressbooks\/v2\/chapters\/10443\/revisions"}],"predecessor-version":[{"id":20242,"href":"https:\/\/courses.lumenlearning.com\/suny-rockland-developmentalemporium\/wp-json\/pressbooks\/v2\/chapters\/10443\/revisions\/20242"}],"part":[{"href":"https:\/\/courses.lumenlearning.com\/suny-rockland-developmentalemporium\/wp-json\/pressbooks\/v2\/parts\/7176"}],"metadata":[{"href":"https:\/\/courses.lumenlearning.com\/suny-rockland-developmentalemporium\/wp-json\/pressbooks\/v2\/chapters\/10443\/metadata\/"}],"wp:attachment":[{"href":"https:\/\/courses.lumenlearning.com\/suny-rockland-developmentalemporium\/wp-json\/wp\/v2\/media?parent=10443"}],"wp:term":[{"taxonomy":"chapter-type","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/suny-rockland-developmentalemporium\/wp-json\/pressbooks\/v2\/chapter-type?post=10443"},{"taxonomy":"contributor","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/suny-rockland-developmentalemporium\/wp-json\/wp\/v2\/contributor?post=10443"},{"taxonomy":"license","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/suny-rockland-developmentalemporium\/wp-json\/wp\/v2\/license?post=10443"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}