if someone could help please!!

Question

Find the amount of tax and the tax rate.

Cost of item: $122


Selling price: $140.30


a. Find the Tax. Include the dollar sign in your answer.



b. Find the Tax Rate. Include the percent symbol in your answer.

Answer 1

Cost of item: $122

Selling price: $140.30

I assume you actually mean the "purchase" price

with tax is $140.30

 

The tax is the difference between the listed

price and the actual purchase price.

Tax = 140.30 - 122 = $18.30

 

To find the tax rate we need to know what

percentage of $122 is $18.30

 

18.3 = (x/100)(122)

 

x = 18.3(100)/122 = 15% tax