Discount, markup, and commission word problems

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Problem

Brandon's Furniture Store buys a sofa at a wholesale price of $\$97.00$dollar sign, 97, point, 00.

If the markup rate at Brandon's Furniture Store is $40\%$40, percent, what is the markup for the sofa?

$\$\$dollar sign, space

Hint #11 / 4

Remember that a markup rate is a percentage of the wholesale price that a store adds to get a selling or retail price. The amount of markup can be found with the following equation:

markup rate $\times$times wholesale price $=$equals amount of markup

Hint #22 / 4

Since the markup rate is a percentage, we have to convert it into a decimal first. Percent means "out of one hundred," so $40\%$40, percent is equivalent to $\dfrac{40}{100}$start fraction, 40, divided by, 100, end fraction which is also equal to $40 \div 100$40, divided by, 100.

$40 \div 100 = 0.40$40, divided by, 100, equals, 0, point, 40

Hint #33 / 4

Now you have all the information you need to use the formula above!

Hint #44 / 4

$0.40$0, point, 40 $\times$times $\$97.00$dollar sign, 97, point, 00 $=$equals $\$38.80$dollar sign, 38, point, 80

The amount of markup on the sofa is $\$38.80$dollar sign, 38, point, 80.