1. if you pay $500 for an item, not including the 5% sales tax. how much tax will you pay?
1. if you pay $500 for an item, not including the 5% sales tax. how much tax will you pay?
Answer
Explanation:
Step1: Calculate the sales tax
The formula for calculating sales tax is ( \text{Tax Amount}=\text{Price of Item}\times\text{Tax Rate}). Given that the price of the item is ( $500) and the tax rate is ( 5%=\frac{5}{100} = 0.05). So, ( \text{Tax Amount}=500\times0.05).
Step2: Compute the result
(500\times0.05 = 25).
Answer:
(25)