Jambmaths question:
A car dealer bought a second – hand car for N250,000 and spent N70,000 refurbishing it. He then sold the car for N400,000. What is the percentage gain?
Option A:
60%
Option B:
32%
Option C:
25%
Option D:
20%
Jamb Maths Solution:
Cost of purchasing car = N 250, 000
Cost of refurbishing the car =N70,000
Total cost spent on the car = N320,000
Profit = selling price – total cost price
Profit = N400,000 – N320,000 = N80,000
$percentage\text{ }profit=\frac{profit}{cost price}\times 100percent=\frac{80,000}{320,000}\times 100percent=25percent$
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