Jack Matthew bought a new diamond ring for $20,000. Sales tax is 5% with a 10% excise tax. The total price including taxes that Jack paid is:

Question

Quizplus · Accepted Answer

The total price is calculated by adding both the sales tax and the excise tax to the original price. Sales tax is 5% of $20,000, which is $1,000. Excise tax is 10% of $20,000, which is $2,000. Adding these taxes to the original price: $20,000 + $1,000 + $2,000 = $23,000. Therefore, the correct answer is not listed.

Jack Matthew Bought a New Diamond Ring for $20,000