document.write( "Question 770283: I paid $100 for an item. 12% tax was included in the price. What is the formula for finding the hidden tax on the item and the tax amount I actually paid? \n" ); document.write( "

Algebra.Com's Answer #469434 by nerdybill(7384) $\"\"$ $\"About$

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I paid $100 for an item. 12% tax was included in the price. What is the formula for finding the hidden tax on the item and the tax amount I actually paid?
\n" ); document.write( ".
\n" ); document.write( "\"Amount paid\" = \"cost of item\" + \"amount of tax\"
\n" ); document.write( "\"Amount paid\" = \"cost of item\" + .12(\"cost of item\")
\n" ); document.write( "or, factoring out \"cost of item\" on right:
\n" ); document.write( "\"Amount paid\" = \"cost of item\"(1 + .12)
\n" ); document.write( "\"Amount paid\" = (1.12)\"cost of item\"
\n" ); document.write( ".
\n" ); document.write( "using:
\n" ); document.write( "\"Amount paid\" = (1.12)\"cost of item\"
\n" ); document.write( "plug in what you know:
\n" ); document.write( "100 = (1.12)\"cost of item\"
\n" ); document.write( "100/1.12 = \"cost of item\"
\n" ); document.write( "$89.29 = \"cost of item\"
\n" ); document.write( ".
\n" ); document.write( "Two ways to find tax:
\n" ); document.write( "\"amount paid\" - \"cost of item\":
\n" ); document.write( "100 - 89.29
\n" ); document.write( "$10.71 (tax)
\n" ); document.write( ".
\n" ); document.write( "OR,
\n" ); document.write( "\"tax rate\" * \"cost of item\"
\n" ); document.write( ".12(\"cost of item\")
\n" ); document.write( ".12(89.29)
\n" ); document.write( "$10.71 (tax)
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