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Financial Mathematics · JSS 3

Discount

Find the price after a sale reduction.

  • Discount = rate100 × marked price
  • Price paid = marked price × (1 − rate100)

What the letters mean

marked price
the price on the label
rate
the discount per cent

Worked example

A ₦12,000 pair of shoes has a 15% discount. What do you pay?

  1. Step 1: Discount

    15% of 12,000 = 0.15 × 12,000 = ₦1,800

  2. Step 2: Subtract

    12,000 − 1,800 = ₦10,200

Final answer: ₦10,200

See it

Play with this picture from the Commission and Discount lesson.

95% shop · 5% agent

1 square = 1% of ₦400,000 = ₦4,000

Percent5%
Value of sales₦400,000
Value of sales₦400,000
5% of ₦400,000₦20,000
Shortcut₦400,000 × 0.05 = ₦20,000