To calculate the sales tax, you can use the formula:
\[ \text{Sales Tax} = \text{Selling Price} \times \left( \frac{\text{Rate of Sales Tax}}{100} \right) \]
Given:
- Selling Price = $60.00
- Rate of Sales Tax = 7%
Now, plug in the values:
\[ \text{Sales Tax} = 60.00 \times \left( \frac{7}{100} \right) \]
\[ \text{Sales Tax} = 60.00 \times 0.07 \]
\[ \text{Sales Tax} = 4.20 \]
So the sales tax is $4.20.
Next, to find the total cost of the item, you can use the following formula:
\[ \text{Total Cost} = \text{Selling Price} + \text{Sales Tax} \]
Now, calculate the total cost:
\[ \text{Total Cost} = 60.00 + 4.20 = 64.20 \]
Summary:
- Sales Tax: $4.20
- Total Cost: $64.20