MAT 120 Sample Quiz

1. A retailer purchases an item for $56.35 from a wholesaler. The retailer's markup is 25%. After two months, the retailer puts the item on sale at 12% off. What was the normal retail price and what is the sale price?

2. A retailer purchases an item from a wholesaler for $115. The retailer's markup is 30% and the state sales tax is 6%. What is the retail price of this item and the final cost for this item to the consumer?