Posted by Molly on Wednesday, February 20, 2013 at 9:41pm.
A house is being renovated for $50,000. Right now the HST is 12% and is charged on all renovations. After April the HST will be gone and be replaced with PST of 7% and the GST of 6%. Renovations will only have to charge GST. How much money will the homeowner save if they wait until April to get the renovations done?
Help me please, My teacher gave me no notes or examples on this, this assignment is already due please help, i posted this question yesterday and noone helped. please help me!!!!!!!!!
Math - Reiny, Wednesday, February 20, 2013 at 11:10pm
right now tax is .12(50000) = 6000
PST= .07(50000) = 3500
GST = .06(50000) = 3000
new tax is 6500
so savings is 6500-600 = 500
What I had suggested in the earlier post is to simply take the difference in the percents
12% vs (6+7)%
that difference is 1%
and 1% of 50000 = 500
Canadian , eh?
correction -Math - Reiny, Wednesday, February 20, 2013 at 11:24pm
my answer is wrong, I did not read the question carefully enough
after april they are charged only the GST
which is .06(50000) = 3000
so they would save $3000
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