BUSINESS ADMINISTRATION
BUSINESS MATHEMATICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The purchase price of a new van was $22, 980. The sales tax rate in the state was 5.5%, and registration fees came to $133. There was also a $1, 500 manufacturer’s rebate on the van. What was the amount the customer paid?
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$20, 676.90
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$22, 801.72
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$24, 376.90
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$22, 376.90
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Explanation:
Detailed explanation-1: -What is the formula to calculate sales tax? The formula to calculate sales tax is Total Sales Tax = Cost of item x Sales tax rate.
Detailed explanation-2: -Sales tax is always calculated on the cost price of an item and is added to the value of the bill. Q. Value added tax is the tax added to the marked price of an item that is being sold.
Detailed explanation-3: -There are different types of sales tax such as-retail, manufacturers, wholesale, use and value-added tax, which you will get to learn in this article.
There is 1 question to complete.