   Chapter 18.I, Problem 10RE ### Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447

#### Solutions

Chapter
Section ### Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447
Textbook Problem

# Calculate the missing information for the following purchases. Selling Sales Tax Sales Excise Excise Total Item Price Rate Tax Tax Rate Tax Purchase Price 10. Tire $109.99 6 5 To determine To calculate: The amount of sales tax, excise tax and total purchase price of Tire when the selling price of Tire is$109.99.

Explanation

Given Information:

The selling price of Tire is $109.99 and the sales tax rate is 6%. The excise tax on Tire is 5%. Formula used: The steps to calculate the amount of excise tax are as follows: Step 1: Find the sales tax by multiplying selling price by the sales tax rate. Sales tax=Selling price×Sales tax price Step 2: Find the excise tax by multiplying selling price by the excise tax rate. Excise tax=Selling price×Excise tax rate Step 3: Find the total purchase price by adding the selling price, sales tax and excise tax. Total purchase price=Selling price+Sales tax+Excise tax Calculation: Consider the selling price of Tire is$109.99 and the sales tax rate is 6%. The excise tax on Tire is 5%.

The sales tax is:

Sales tax=Selling price×Sales tax price

Now, using the above formula, the sales tax is:

Sales tax=109.99×6%=109.99×6100=109

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