MATHEMATICS
JAMB 2001 - Question 2
Mathematics 2001 JAMB Past Questions - Question 2: A car dealer bought a second hand car for N250,000.00 and spent N70,000.00 refurbishing it .He then sold the car for N400,000.00 .What is the percentage gain?
A:
B:
C:
D:
Correct Answer
B
Explanation
To calculate the percentage gain, we need to find the difference between the selling price and the total cost (purchase price + refurbishment cost), and then express that difference as a percentage of the total cost.Given:Purchase price = N250,000.00Refurbishment cost = N70,000.00Selling price = N400,000.00Total cost = Purchase price + Refurbishment costTotal cost = N250,000.00 + N70,000.00Total cost = N320,000.00Profit = Selling price - Total costProfit = N400,000.00 - N320,000.00Profit = N80,000.00Percentage gain = (Profit / Total cost) * 100Percentage gain = (N80,000.00 / N320,000.00) * 100Percentage gain = 0.25 * 100Percentage gain = 25%Therefore, the percentage gain on the sale of the car is 25%.
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