The total cost of a new automobile, including a 4% sales tax on the price of the automobile, is $27,146. How much of the total cost of this new automobile is sales tax?

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MrRoyal MrRoyal · Answer 1 · 2020-09-20T02:26:46+02:00

Answer:

[tex]Sales\ Tax = \$1044[/tex]

Step-by-step explanation:

Given

[tex]Sales\ Tax = 4\%[/tex]

[tex]Total = \$27,146[/tex]

Required

Determine the amount that is sales tax

The total price is calculated by

[tex]Total\ Price = Price + Sales\ Tax[/tex]

Recall that Sales Tax = 4% of Price;

So, we have

[tex]Total\ Price = Price + 4\% * Price[/tex]

Substitute 27146 for Total Price

[tex]27146 = Price + 4\% * Price[/tex]

Convert % to decimal

[tex]27146 = Price + 0.04Price[/tex]

[tex]27146 = 1.04Price[/tex]

Divide both sides by 1.04

[tex]Price = \frac{27146}{1.04}[/tex]

[tex]Price = \$26102[/tex]

So:

[tex]Sales\ Tax = 4\%[/tex]

[tex]Sales\ Tax = 4\% * \$26102[/tex]

[tex]Sales\ Tax = \$1044[/tex]