A public car dealer marked up the cost of a car at 30% in an attempt to make 20% gross profit. Due to the value of dollar, he now placed 20% discount on the...
Question 1 Report
A public car dealer marked up the cost of a car at 30% in an attempt to make 20% gross profit. Due to the value of dollar, he now placed 20% discount on the car. What profit or loss will he make?
Answer Details
Let assume the cost price is 100%
Marked up price + cost price = 20 + 100 = 120%
Discount at 20% = 20/100 × 120 % of cost price
Selling price = cost price − gain
= (120 − 24)% of cost price
= 96% of cost price
Loss = (100− 96)% of cost price
= 4% of cost price
∴ He will make a 4% loss.
Marked up price + cost price = 20 + 100 = 120%
Discount at 20% = 20/100 × 120 % of cost price
Selling price = cost price − gain
= (120 − 24)% of cost price
= 96% of cost price
Loss = (100− 96)% of cost price
= 4% of cost price
∴ He will make a 4% loss.
Download The App On Google Playstore
Everything you need to excel in your exams
Personalized AI Learning Chat Assistant
200,000+ Exam Questions Across IGCSE, JAMB, WAEC & NECO
Over 3,900 Lesson Notes
Offline Support - Learn Anytime, Anywhere
Green Bridge Timetable
Literature Summaries & Potential Questions
Track Your Performance & Progress
In-depth Explanations for Comprehensive Learning