   Chapter 18.I, Problem 11RE ### 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 11. Automobile 0 0 $18,785.00 To determine To calculate: The amount of sales tax and selling price of Automobile when the total purchase price of Automobile is$18,785.00.

Explanation

Given Information:

The total purchase price of Automobile is $18,785.00 and the sales tax rate is 514%. The excise tax on Book is 0%. Formula used: Step 1: Find the selling price by dividing 100% plus the sales tax rate from the total purchase price. Selling price=Total purchase price100%+Sales tax rate Step 2: Find the amount of sales tax by subtracting the selling price from the total purchase price. Sales tax=Total purchase priceSelling price Calculation: Consider the total purchase price of Automobile is$18,785.00 and the sales tax rate is 514%. The excise tax on Automobile is 0%.

The selling price is:

Selling price=Total purchase price100%+Sales tax rate

Now, using the

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