Johnny Bought An Oil Painting Originally Priced At $120, But It Was On Sale For 40% Off. After Adding An 8% Sales Tax, What Was The Total Cost?
Understanding the Problem
In this problem, we are given the original price of an oil painting, which is $120. However, the painting is on sale for 40% off, and we need to calculate the total cost after adding an 8% sales tax. To solve this problem, we will first calculate the discount amount, then the sale price, and finally the total cost after adding the sales tax.
Calculating the Discount Amount
The oil painting is on sale for 40% off, which means that the customer will receive a discount of 40% of the original price. To calculate the discount amount, we can multiply the original price by the discount percentage.
Discount amount = Original price x Discount percentage
Discount amount = $120 x 0.40
Discount amount = $48
Calculating the Sale Price
After calculating the discount amount, we can now calculate the sale price by subtracting the discount amount from the original price.
Sale price = Original price - Discount amount
Sale price = $120 - $48
Sale price = $72
Calculating the Sales Tax
The sale price is subject to an 8% sales tax, which means that the customer will have to pay an additional 8% of the sale price as tax. To calculate the sales tax, we can multiply the sale price by the sales tax percentage.
Sales tax = Sale price x Sales tax percentage
Sales tax = $72 x 0.08
Sales tax = $5.76
Calculating the Total Cost
Finally, we can calculate the total cost by adding the sale price and the sales tax.
Total cost = Sale price + Sales tax
Total cost = $72 + $5.76
Total cost = $77.76
Conclusion
In this problem, we calculated the total cost of an oil painting that was originally priced at $120, but was on sale for 40% off, and subject to an 8% sales tax. We first calculated the discount amount, then the sale price, and finally the total cost after adding the sales tax. The total cost of the oil painting is $77.76.
Real-World Applications
This problem has real-world applications in various fields, such as:
- Retail: When calculating the total cost of a product, retailers need to consider the discount amount, sale price, and sales tax.
- Finance: When calculating the total cost of a loan or investment, lenders and investors need to consider the discount amount, sale price, and sales tax.
- Accounting: When calculating the total cost of a product or service, accountants need to consider the discount amount, sale price, and sales tax.
Tips and Tricks
Here are some tips and tricks to help you solve similar problems:
- Read the problem carefully: Make sure you understand the problem and the given information.
- Break down the problem: Break down the problem into smaller parts and solve each part separately.
- Use formulas and equations: Use formulas and equations to calculate the discount amount, sale price, and sales tax.
- Check your work: Check your work to ensure that you have calculated the total cost correctly.
Common Mistakes
Here are some common mistakes to avoid when solving similar problems:
- Not reading the problem carefully: Not reading the problem carefully can lead to misunderstandings and incorrect calculations.
- Not breaking down the problem: Not breaking down the problem can lead to confusion and incorrect calculations.
- Not using formulas and equations: Not using formulas and equations can lead to incorrect calculations and misunderstandings.
- Not checking your work: Not checking your work can lead to incorrect calculations and misunderstandings.
Conclusion
Q: What is the original price of the oil painting?
A: The original price of the oil painting is $120.
Q: What is the discount percentage?
A: The discount percentage is 40%.
Q: What is the discount amount?
A: The discount amount is $48, which is calculated by multiplying the original price by the discount percentage.
Q: What is the sale price?
A: The sale price is $72, which is calculated by subtracting the discount amount from the original price.
Q: What is the sales tax percentage?
A: The sales tax percentage is 8%.
Q: What is the sales tax?
A: The sales tax is $5.76, which is calculated by multiplying the sale price by the sales tax percentage.
Q: What is the total cost?
A: The total cost is $77.76, which is calculated by adding the sale price and the sales tax.
Q: What if the sales tax percentage is 10% instead of 8%?
A: If the sales tax percentage is 10% instead of 8%, the sales tax would be $7.20, which is calculated by multiplying the sale price by the sales tax percentage. The total cost would be $79.20, which is calculated by adding the sale price and the sales tax.
Q: What if the discount percentage is 50% instead of 40%?
A: If the discount percentage is 50% instead of 40%, the discount amount would be $60, which is calculated by multiplying the original price by the discount percentage. The sale price would be $60, which is calculated by subtracting the discount amount from the original price. The sales tax would be $4.80, which is calculated by multiplying the sale price by the sales tax percentage. The total cost would be $64.80, which is calculated by adding the sale price and the sales tax.
Q: What if the original price is $100 instead of $120?
A: If the original price is $100 instead of $120, the discount amount would be $40, which is calculated by multiplying the original price by the discount percentage. The sale price would be $60, which is calculated by subtracting the discount amount from the original price. The sales tax would be $4.80, which is calculated by multiplying the sale price by the sales tax percentage. The total cost would be $64.80, which is calculated by adding the sale price and the sales tax.
Q: What if the sales tax percentage is 12% instead of 8%?
A: If the sales tax percentage is 12% instead of 8%, the sales tax would be $8.64, which is calculated by multiplying the sale price by the sales tax percentage. The total cost would be $80.64, which is calculated by adding the sale price and the sales tax.
Conclusion
In conclusion, calculating the total cost of an oil painting that was originally priced at $120, but was on sale for 40% off, and subject to an 8% sales tax, requires careful calculation and attention to detail. By following the steps outlined in this article, you can calculate the total cost accurately and answer common questions.