Horace wants to buy a new pinball machine for $349.99. The local sales tax is 7.5%. How much sales tax will he pay? Round to the nearest hundreth.
To find the sales tax amount, Horace needs to calculate 7.5% of the purchase price of the pinball machine.
7.5% can be written as 0.075 in decimal form.
Sales tax = $349.99 * 0.075
Sales tax = $26.24925
Since the question asks to round to the nearest hundredth, the sales tax will be $26.25.
To calculate the sales tax, you will first need to determine the amount of tax Horace will pay on his pinball machine purchase.
Sales tax is generally calculated as a percentage of the total cost of the item. In this case, the local sales tax rate is 7.5%.
To find the sales tax amount, you can multiply the purchase price by the sales tax rate.
Step 1: Convert the sales tax rate from a percentage to a decimal. To do this, divide the tax rate by 100. In this case, 7.5 divided by 100 is 0.075.
Step 2: Multiply the purchase price by the sales tax rate in decimal form.
$349.99 x 0.075 = $26.25
Therefore, Horace will pay approximately $26.25 in sales tax, rounded to the nearest hundredth.
To calculate the sales tax on the pinball machine, we need to multiply the price by the sales tax rate.
Step 1: Convert the sales tax rate from a percent to a decimal by dividing it by 100.
Sales tax rate = 7.5 / 100 = 0.075
Step 2: Multiply the price of the pinball machine by the sales tax rate.
Sales tax = $349.99 * 0.075 = $26.24925
Step 3: Round the sales tax to the nearest hundredth (two decimal places).
Sales tax = $26.25
Therefore, Horace will pay $26.25 in sales tax for the pinball machine.