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The percent change is the increase or decrease in the value of a quantity. If the new value is larger than the original value then it is a percent increase and if the change in value is lesser than the original value it is called percentage decrease.

Discount is a percentage of the original price that is subtracted from the price of the item the final price is called selling price. It is a percent of the decrease in the cost.

Sales tax is a tax that is added to the price of the item the final price is called selling price. It is a percent of the increase in the cost.

We are given the following price and the discount percentages:

Sweater: $14.99

discount: 12%

tax: 6.25%

The discount is 12% of the price. We will subtract this amount from the original price.

The tax is 6.25% of the price. We will add this amount to the original price.

So If x represents the new price after subtracting discount then we have:

$\begin{array}{l}x=\text{Cost+}\left(\text{Tax\%ofCost}\right)\text{-}\left(\text{Discount}\%\text{ofCost}\right)\\ x=\$14.99+\left(6.25\%×\$14.99\right)−\left(12\%×\$14.99\right)\\ x=14.99+\left(\frac{6.25}{100}×14.99\right)−\left(\frac{12}{100}×14.99\right)\\ x=14.99+\left(0.0625×14.99\right)−\left(0.12×14.99\right)\\ x=14.99+0.9368−1.7988\\ x=15.9268−1.7988\\ x=\$14.128\end{array}$

Thus, the final price of the sweater is $14.128.