Janie bought a shirt at American Eagle and spent a total of $36.04, paying 6% in sales tax. The shirt was marked down 15% and was originally $40. How much did Janie pay in sales tax?
First, we need to find the original price of the shirt before the 15% discount. We know that the discounted price was $36.04, which is 85% of the original price. So we can set up an equation:
0.85x = 36.04
Solving for x, we divide both sides by 0.85:
x = 42.40
So the original price of the shirt was $42.40. Janie paid $36.04, which means she saved $42.40 - $36.04 = $6.36 with the 15% discount.
Now we can figure out how much she paid in sales tax. The tax rate was 6%, which means she paid 6% of the total cost of the shirt. We can set up another equation to find this amount:
0.06(36.04) = 2.16
So Janie paid $2.16 in sales tax.
A $50.00 pair of shoes is discounted 20%. If sales tax is 8%. What is the amount of tax paid?
To find the discounted price of the shoes, we need to multiply the original price by (100% - 20%) = 80%:
80% of $50.00 = 0.8 x $50.00 = $40.00
So the discounted price of the shoes is $40.00.
To find the amount of sales tax paid, we need to multiply the discounted price by 8%:
8% of $40.00 = 0.08 x $40.00 = $3.20
So the amount of tax paid is $3.20.
A $990 set of new tires cost $742.50 after a coupon is applied. What percentage off is the coupon?
To find the percentage off the coupon, we need to first calculate the discount. The discount is the difference between the original price and the sale price:
Discount = Original price - Sale price
Discount = $990 - $742.50 = $247.50
The percentage off is the discount divided by the original price, multiplied by 100%:
Percentage off = (Discount / Original price) x 100%
Percentage off = ($247.50 / $990) x 100% = 25%
Therefore, the coupon gives a 25% discount.
Josh is buying a RV and is taking out a loan in the amount of $20,000. His choices for the loan are a 5-year loan at 6.00% annual simple interest and a 6-year loan at 7.00% annual simple interest. What is the difference in the amount of interest Josh would have to pay for these two loans?
To calculate the total interest Josh would have to pay for each loan, we can use the formula:
I = P x r x t
Where I is the interest, P is the principal (the amount of the loan), r is the interest rate per year, and t is the time period in years.
For the 5-year loan at 6.00%, the interest would be:
I = $20,000 x 0.06 x 5 = $6,000
For the 6-year loan at 7.00%, the interest would be:
I = $20,000 x 0.07 x 6 = $8,400
The difference in the amount of interest Josh would have to pay for these two loans is:
$8,400 - $6,000 = $2,400
Therefore, Josh would have to pay $2,400 more in interest for the 6-year loan at 7.00% than for the 5-year loan at 6.00%.
Two customers took out home equity loans.
• Cathy took out a 10-year loan for $20,000 and paid 5.20% annual simple interest
• Steven took out a 15-year loan for $20,000 and paid 4.80% annual simple interest
What is the difference between the amounts of interest Cathy and Steven paid for their loans?
We can use the formula:
I = P x r x t
where I is the interest, P is the principal, r is the annual rate as a decimal, and t is the time period in years.
For Cathy's loan:
I = $20,000 x 0.052 x 10 = $10,400
For Steven's loan:
I = $20,000 x 0.048 x 15 = $14,400
The difference in the amounts of interest they paid is:
$14,400 - $10,400 = $4,000
Therefore, the difference between the amounts of interest Cathy and Steven paid for their loans is $4,000.
To find out how much Janie paid in sales tax, we need to calculate 6% of the total amount she spent on the shirt.
First, let's find the original price of the shirt before the 15% discount. We know that the final price after the discount is $36.04, and this price represents 85% of the original price. So, we can set up the equation:
0.85 * original price = $36.04
To solve for the original price, divide both sides of the equation by 0.85:
original price = $36.04 / 0.85
original price = $42.40
Now we have the original price of the shirt, which is $42.40. To calculate the sales tax, we need to find 6% of this amount. To do that, multiply the original price by 6% (or 0.06):
sales tax = $42.40 * 0.06
sales tax = $2.54
Therefore, Janie paid $2.54 in sales tax for the shirt she bought at American Eagle.