A product is marked at $500 and is sold at a 15% discount. What is the selling p

A product is marked at $500 and is sold at a 15% discount. What is the selling price?

A product is marked at $500 and is sold at a 15% discount. What is the selling price?

Correct Answer: 425

Step 1: Identify the marked price of the product, which is $500.
Step 2: Determine the discount percentage, which is 15%.
Step 3: Calculate the discount amount by multiplying the marked price by the discount percentage: 0.15 * 500.
Step 4: Perform the multiplication: 0.15 * 500 = 75. This means the discount amount is $75.
Step 5: Subtract the discount amount from the marked price to find the selling price: 500 - 75.
Step 6: Perform the subtraction: 500 - 75 = 425. This means the selling price is $425.

Percentage Calculation – Understanding how to calculate a percentage of a given amount, in this case, finding 15% of $500.
Discount Application – Applying the calculated discount to the original price to find the final selling price.