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7.2 - Finding Discounts

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Understanding Discounts

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Teacher
Teacher

Today, we’re exploring what discounts are. Can anyone explain what a discount means?

Student 1
Student 1

Isn't a discount a reduction in the price?

Teacher
Teacher

Exactly, it's a reduction from the marked price of an item, aimed to encourage customers to buy more. We calculate it as: Discount = Marked Price - Sale Price.

Student 2
Student 2

How do we find out the discount percentage?

Teacher
Teacher

Good question! We use the formula: Discount % = (Discount / Marked Price) × 100%. How about we try one?

Student 3
Student 3

Yes, let’s do an example together!

Calculating Discounts

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Teacher
Teacher

Let’s calculate the discount for a dress marked at ₹120 with a 20% discount. First, what would be the discount amount?

Student 1
Student 1

The discount would be ₹24.

Teacher
Teacher

Correct! So what is the sale price?

Student 2
Student 2

That would be ₹120 - ₹24, which is ₹96.

Teacher
Teacher

Exactly! And how do we verify the discount percentage?

Student 4
Student 4

We’d take the discount amount, divide it by the marked price, and multiply by 100 percent.

Teacher
Teacher

Awesome! Remember, practicing these calculations can help when shopping.

Discount in Real Life

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Teacher
Teacher

How can we apply this knowledge of discounts outside of class?

Student 3
Student 3

When buying clothes or during sales events!

Student 1
Student 1

I use it to compare prices at different stores before buying.

Teacher
Teacher

Great insights! Sometimes, discounts can confuse us if we’re not careful.

Student 4
Student 4

Like when stores advertise a high discount but increase prices first!

Teacher
Teacher

Exactly! Always check the marked price versus the sale price to ensure you're really saving.

Introduction & Overview

Read a summary of the section's main ideas. Choose from Basic, Medium, or Detailed.

Quick Overview

This section discusses discounts as reductions on the marked price of items, explaining how to calculate both the discount amount and the discount percentage.

Standard

The section covers the definition and significance of discounts in sales, including calculations of discounts through examples. It explains how to find both the discount amount and the percentage based on marked and sale prices.

Detailed

Finding Discounts

Discounts are reductions given on the marked price (MP) of an article. This is often utilized in sales to attract customers and promote the purchase of goods. Discounts can be calculated by subtracting the sale price (SP) from the marked price (MP).

Formula for Discount:
Discount = Marked Price - Sale Price

Example Calculations:

  1. When an item marked at ₹840 is sold for ₹714, the discount can be calculated as follows:
  2. Discount = ₹840 - ₹714 = ₹126
  3. To find the discount percentage:
    • Discount % = (Discount / Marked Price) × 100% = (₹126 / ₹840) × 100% ≈ 15%
  4. If a frock has a marked price of ₹220 with a discount of 20%, the discount amount and sale price are computed as such:
  5. Discount = 20% of ₹220 = ₹44
  6. Sale Price = Marked Price - Discount = ₹220 - ₹44 = ₹176

This section also discusses estimating percentages, exemplified by estimating a bill amount with a discount. For example, rounding off a bill of ₹577.80 and calculating a 15% discount can simplify computations. Thus, understanding discounts aids effective financial decision-making while shopping.

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Audio Book

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Understanding Discounts

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Discount is a reduction given on the Marked Price (MP) of the article. This is generally given to attract customers to buy goods or to promote sales of the goods.

Detailed Explanation

A discount is essentially a lower price offered on a product compared to its original price, known as the marked price. Retailers provide discounts as a marketing strategy to encourage customers to make purchases. This can be seen in sales or promotions where customers can get goods for less than the usual price.

Examples & Analogies

Imagine going to a sale at a store where a beautiful dress is marked at ₹1000, but during the sale, it’s offered for ₹800. This ₹200 reduction is the discount, which benefits both the store (to increase sales) and the customer (to save money).

Calculating Discounts

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You can find the discount by subtracting its sale price from its marked price. So, Discount = Marked price – Sale price.

Detailed Explanation

To determine the discount amount, simply take the marked price (the original price of the item) and subtract the sale price (the price after discount). This gives you the amount of money saved. For example, if an item is marked at ₹840 and is sold for ₹714, you calculate the discount like this: 840 - 714 = ₹126.

Examples & Analogies

Consider buying a new smartphone with an advertised price of ₹20,000. If the store offers it for ₹15,000 during a sale, the discount you received would be calculated as ₹20,000 (marked price) minus ₹15,000 (sale price), which equals ₹5,000 saved.

Finding Discount Percentage

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To find the discount percentage, use the formula: Discount % = (Discount / Marked Price) × 100.

Detailed Explanation

The discount percentage is a way of expressing how much discount you are getting as a percentage of the marked price. To find it, you divide the discount amount by the marked price and then multiply by 100 to convert it into a percentage. For example, if the discount is ₹126 on a marked price of ₹840, the calculation would be: (126 / 840) × 100 = 15%.

Examples & Analogies

If you see a laptop that originally costs ₹50,000 and is now offered for ₹40,000, the savings amount to ₹10,000. Using the formula, the discount percentage is (10,000 / 50,000) × 100, which means you got a 20% discount on that laptop.

Applying Discount Percentage to Various Prices

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You can also find discount when discount % is given.

Detailed Explanation

When you know the discount percentage, you can easily calculate how much you will save on various marked prices. Just multiply the marked price by the discount percentage (expressed as a decimal). For instance, if the marked price of an item is ₹500 and the discount is 20%, then the discount amount would be 0.2 × 500 = ₹100.

Examples & Analogies

Think about a promotion where a shoe store offers a 30% discount during a clearance sale. If the marked price for a pair of shoes is ₹2,000, you can calculate the discount as 30% of ₹2,000, which is ₹600. Therefore, you would end up paying ₹1,400 for the shoes.

Definitions & Key Concepts

Learn essential terms and foundational ideas that form the basis of the topic.

Key Concepts

  • Discount: A reduction given on the marked price of an item.

  • Marked Price (MP): The original price before discounts.

  • Sale Price (SP): The final price after the discount is applied.

  • Discount Percentage: The percentage that shows how much discount is given.

Examples & Real-Life Applications

See how the concepts apply in real-world scenarios to understand their practical implications.

Examples

  • If a dress costs ₹120 and has a 20% discount, the discount amount is ₹24 and the sale price is ₹96.

  • For an item marked at ₹840 sold for ₹714, the discount is ₹126.

Memory Aids

Use mnemonics, acronyms, or visual cues to help remember key information more easily.

🎵 Rhymes Time

  • To find the discount right, subtract some from the height, sale price you will see, marked price less is key.

📖 Fascinating Stories

  • Imagine a wise shopper named Mira who always checks marked prices. One day she saw a dress marked at ₹500 with a 30% discount and realized she could save ₹150!

🧠 Other Memory Gems

  • Remember 'D-M-S' - Discount = Marked Price - Sale Price; this will help you always keep track of what's saved!

🎯 Super Acronyms

DPS - Discount Price Savings. It reminds you discounts lead to savings when shopping.

Flash Cards

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Glossary of Terms

Review the Definitions for terms.

  • Term: Discount

    Definition:

    A reduction from the marked price of an item.

  • Term: Marked Price (MP)

    Definition:

    The original price listed for an item before any discounts.

  • Term: Sale Price (SP)

    Definition:

    The price of an item after the discount has been applied.

  • Term: Discount Percentage

    Definition:

    The percentage of the marked price that represents the discount.