Question 4

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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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