Answer :

To find the tax rate, we need to understand the relationship between the total sales price, the amount of tax, and the tax rate. The total sales price is the sum of the original price of the item(s) and the tax.

Let's denote:

  • [tex]P[/tex] as the original price of the item(s).
  • [tex]T[/tex] as the tax amount.
  • [tex]R[/tex] as the tax rate (expressed as a decimal).

From the information given in the problem:

  • Total Sales Price = $230.58
  • Tax Total = $62.50

The relationship between these values is:
[tex]P + T = \text{Total Sales Price}[/tex]
Substituting the values we have:
[tex]P + 62.50 = 230.58[/tex]
To find [tex]P[/tex], subtract [tex]62.50[/tex] from [tex]230.58[/tex]:
[tex]P = 230.58 - 62.50 = 168.08[/tex]
Now, the tax rate [tex]R[/tex] is the tax [tex]T[/tex] divided by the original price [tex]P[/tex]:
[tex]R = \frac{T}{P} = \frac{62.50}{168.08}[/tex]
Calculating this gives:
[tex]R \approx 0.3718[/tex]
To express this as a percentage (a more common format for tax rates), multiply by 100:
[tex]R = 0.3718 \times 100 \approx 37.18\%[/tex]
So, the tax rate is approximately 37.18%.

Thank you for reading the article If the total sales price was 230 58 and tax totaled 62 50 what was the tax rate. We hope the information provided is useful and helps you understand this topic better. Feel free to explore more helpful content on our website!

Rewritten by : Jeany

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