Lesson 14

Markups, Markdowns, Commissions and Fees

Terms:

Consumer:

Markup:

Markdown:

Commission:

Fees: (taxes, shipping, etc.)

What does the word OF mean in math?

If I say 1/3 of the class got As and there are 60 students in the class. How
many got As.

1/3 of ______= as

1/3 times _________= as

1/3(________) = _________
 1. What is the fractional markdown for shoes? __________________________

2. What is the original price of the shoes? _______________________

3. What are we looking for? _____________________________________

4. How would we find that? ___________________________________________

5. What would we have to find first to solve this? ___________________________________

So

1/4 of the original price = the markdown amount

1/4 of _____________= markdown amount

1/4 of ________________=__________________

1/4 *____________=________________

Now that we know the markdown amount, how do we find the amount we will pay for the
shoes?_______________________________________________________________________________
_____________________________________________________________________________________
_____________________________________________________________________________________

Solve:
 1. What is the fractional markdown for pants? __________________________

2. What is the original price of the pantss? _______________________

3. What are we looking for? _____________________________________

4. How would we find that? ___________________________________________

5. What would we have to find first to solve this? ___________________________________

So

1/d of the original price = the markdown amount

1/d of _____________= markdown amount

1/3 of ________________=__________________

1/3 *____________=________________

Now that we know the markdown amount, how do we find the amount we will pay for the
shoes?_______________________________________________________________________________
_____________________________________________________________________________________
_____________________________________________________________________________________

Solve:
What fraction does the sales person receive?

What was the price of the car he sold?

Fraction of Sales = commission

______*_________________=Commission

____________*________________=____________________
This is a MULTI-STEP problem First we have to find out the markup price. Which means they have
Added onto the original cost. The problem is worded funny, because once they mark it up they then
claim to be giving a 1/5 discount. But the discount, is after they have added money to the original price.
So the 1/5 discount isnt off the original price its off the NEW price.

So lets begin by finding the amount that they will mark it up (add to the original price):

First what fraction are they marking it up by? ____________________

So ___________ of the original price of ____________________= amount of mark-up

Mathematically that is

____________*________________= amount of mark-up

______________*_______________=____________________

This amount is the amount that is added onto the original price. So if the original price is $2400
How much is the new price?

Mark-up + Original price = new price

______________+________________=______________________

Now we need to take that new price and mark it on sale for the fractional amount they are saying is
discounted. That fraction is _________________________

Fraction of new price = the discount

Fraction * new price = discount

__________*_____________=______________

That is the amount that is taken of off the new price.

What is the Sale Price after mark-up and mark-down?

We need to find the ___________________?

We know he marked it up ______________________ of the price he paid for it.

And he sold it for ______________________________.

Now here is where it gets tricky

Original price plus a fraction of the original price = the price he sold it for.

In mathematical terms:

When dealing with fractions .. a whole fraction always equals 1

Original price as a fraction = 1

The amount he marked it up is 1/5. Sooooo

So it was sold for 1 1/5 of the original buying price.

Now we dont know the original buying price so that has to be our variable or our X

So our equation will be:

1 1/5 x = $14,000