Calculating Discounts and Markups

Mrs. Zia's lesson covers markup and markdown problems, focusing on understanding key terms, solving multi-step problems, and applying equations. The lesson includes examples like a video game markup, a Black Friday double discount, and working backward to find markdown rates and final prices. Students learn to calculate selling prices, total markups, and discounts, and understand the commutative property in tax and discount applications.

What is the term for the initial cost of an item before any markup or markdown?

• Original price

• Markdown rate

• Markup rate

• Selling price

How is the selling price calculated in a markup problem?

• Original price minus markdown

• Original price minus markup

• Original price plus markdown

• Original price plus markup

In the video game example, what is the markup rate applied?

• 60%

• 50%

• 40%

• 30%

What is a common mistake when calculating double discounts?

• Multiplying the discount rates

• Subtracting the discount rates

• Ignoring the second discount

• Adding the discount rates together

What is the total discount percentage in the mountain bike example?

• 40%

• 50%

• 37%

• 30%

How do you find the markdown rate when given the original and sale prices?

• Multiply the amount saved by the sale price

• Divide the sale price by the original price

• Subtract the sale price from the original price

• Divide the amount saved by the original price

In the car example, what is the sales tax rate applied?

• 6.5%

• 7.5%

• 5%

• 8%

What is the final price of the car after applying the discount and sales tax?

• $18,000

• $16,000

• $17,200

• $19,500

Why does the order of applying discounts and taxes not affect the final price?

• Because division is commutative

• Because subtraction is commutative

• Because multiplication is commutative

• Because addition is commutative

What equation represents applying the tax before the discount?

• Original price times (1 - discount rate) times (1 + tax rate)

• Original price times (1 - tax rate) times (1 + discount rate)

• Original price times (1 + tax rate) times (1 - discount rate)

• Original price times (1 + discount rate) times (1 - tax rate)