A certain car costs $6,595 before taxes are added. Taxes are $460 and license tags cost $55. What is the overall tax rate (to the nearest tenth)?
460 (taxes)/$6595(total cost before taxes)
= 0.0697
=7.0% tax on the car.
I think I am doing it right. Taxes are $460 so you set the problem up like:
$6,595(x)=$460
x=460/6595
=.0697 or 7% if you round.
$55 is the license tags cost, the question asked about the tax rate. To me tags are not a tax but rather a separate cost.
To find the overall tax rate, we need to calculate the tax amount as a percentage of the car's original cost.
Step 1: Calculate the total cost of the car after adding taxes and license tags:
Original cost of the car = $6,595
Tax amount = $460
License tags cost = $55
Total cost = Original cost + Tax amount + License tags cost
Total cost = $6,595 + $460 + $55
Total cost = $7,110
Step 2: Calculate the tax rate as a percentage:
Tax rate = (Tax amount / Original cost) x 100
Tax rate = ($460 / $6,595) x 100
Tax rate ≈ 0.0698 x 100
Tax rate ≈ 6.98%
Therefore, the overall tax rate, to the nearest tenth, is approximately 6.98%.
To find the overall tax rate, we need to calculate the total tax amount as a percentage of the original car cost.
First, we add the taxes and license tags to the car cost:
$6,595 + $460 + $55 = $7,110
Next, we find the total tax amount by subtracting the car cost from the total amount:
$7,110 - $6,595 = $515
To determine the tax rate, we divide the tax amount by the car cost and multiply by 100 to get the percentage:
($515 / $6,595) * 100 ≈ 7.8%
Therefore, the overall tax rate is approximately 7.8% to the nearest tenth.