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Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447

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BuyFindarrow_forward

Contemporary Mathematics for Busin...

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

Solve the following word problems. Round dollars to the nearest cent and percents to the nearest tenth of a percent.

You have decided to purchase a set of four Good-Ride tires for your vehicle at the Tire Emporium.

a. If the original price of these tires is $160.00 each, what are the amount of the markdown with rebate per tire and the markdown percent if you get the rebate and pay cash?

b. What are the amount of the markdown per tire and the markdown percent if you decide to put the purchase on your Good-Ride credit card and get the double rebate?

c. When you purchased the set of four tires, you were offered an “Extra 5 %

" discount on the entire purchase if you also included wheel balancing at $5.75 per tire and a front-end alignment for $65.00. The sales tax in your state is 7.5 % . What was the total amount of your purchase if you used your Good-Ride credit card? Use the unrounded markdown percent you found in part b in your calculations.

d. What are the advantages and disadvantages of using the credit card?

(a)

To determine

To calculate: The amount of Markdown and Markdown percent, for given, Original Selling Price is $160, rebate is $20 and Sale Price is $115.

Explanation

Given Information:

The Original Selling Price is $160, rebate is $20 and Sale Price is $115.

Formula used:

The amount of Markdown can be calculated using the following equation:

Markdown=Original Selling PriceSale Price or MD=OrigSale

The Markdown Percent can be calculated using the following equation:

Markdown%=MarkdownOriginal Price or MD%=MDOrig

Calculation:

Consider the provided data, Original Selling Price $160, rebate is $20 and Sale Price $115:

Assume, Orig=$160 and Sale=$115

The amount of Markdown without rebate is:

MD=OrigSale

Substitute $115 for Sale and $160 for Orig

(b)

To determine

To calculate: The amount of markdown and markdown percent, for given, original Selling Price is $160, rebate is $40 and Sale Price is $115.

(c)

To determine

To calculate: The total amount of purchase price, for given, Original Selling Price is $160, markdown percent computed in subpart (b) 53.1%, extra discount of 5%, wheel balancing per tire is $5.75, alignment is $40 and sales tax is 7.5%.

(d)

To determine

The advantage and disadvantage of using credit card.

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