Question

Find the amount of tax and the tax rate. Round to nearest hundredth of a percent . Cost of item: $118 Selling price: $132.37 Tax Amount: $ Tax Rate percentage%​

Answer 1

Answer:

The amount of tax is $14.37 and the tax rate percentage is 12.18%

Step-by-step explanation:

Find the amount of tax by finding the difference between the cost and selling price:

132.37 - 118

= 14.37

Find the tax rate percentage by dividing the tax by the original cost, and multiplying it by 100:

(14.37/118) x 100

= 12.18

The amount of tax is $14.37 and the tax rate percentage is 12.18%