Derek and Jeannine buy a car for a total price, including tax, of $19,795. The price of the car was $18,500.
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Complete Question.
Derek and Jeannine buy a car for a total price, including tax, of $19,795. The price of the car was $18,500. What is the tax rate?
Step-by-step solution.
Cost price of the car = $18,500
Price including tax = $19,795
In order to find the tax percentage, we must remember:
tax = (total price - cost price)/cost price * 100%
Using the above formula, we get
tax = (19795 - 18500) / 18500 * 100%
= 7%
Answer.
Therefore, tax percentage is 7%.
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