The Leather Depot buys a coat from a supplier for $90 wholesale and marks up the price by 40%. If the retail price is $134.82, what is the sales tax?

1 Answer
May 24, 2017

Answer:

Sales Tax is # $8.82 (7%) #

Explanation:

Buying price of coat is #P= $90.00#

Marked price of coat is #M= 90.00*((100+40)/100)= $126.00#

Retail price (R) = Marked Price #(M=$126 ) +# Sales Tax(ST) #= 134.82#
#ST= 134.82-126=$8.82 :. ST% = 8.82/126*100 =7.0%# [Ans]