Given:
Original price = $145.00
Final cost = $152.25
To find:
The percent of tax.
Solution:
The formula for tax is:
Tax = Final cost - Original price
[tex]\text{Tax}=\$152.25-\$145.00[/tex]
[tex]\text{Tax}=\$7.25[/tex]
Formula for tax percentage is:
[tex]\text{Tax percent}=\dfrac{\text{Tax}}{\text{Original price}}\times 100[/tex]
[tex]\text{Tax percent}=\dfrac{7.25}{145.00}\times 100[/tex]
[tex]\text{Tax percent}=\dfrac{725.00}{145.00}[/tex]
[tex]\text{Tax percent}=5[/tex]
Therefore, the percent of tax is 5%.
