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JAMB Mathematics 2017 Paper

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Question : 24

Total: 44

A car dealer bought a second-hand car for 250,000 and spent N 70,000 refurbishing it. He then sold the car for N400,000. What is the percentage gain?

60%
32%
25%
20%

Solution:

Total Cost Price = N(250,000 + 70,000)

= N 320,000

Selling Price = N 400,000(Given)

Gain = Selling Price - Cost Price

= 400,000 - 320,000

= 80,000

% gain =

\frac{\text{Gain}}{\text{Cost Price}}

× 100

=

\frac{80,000}{320,000}

× 100

Gain % = 25%

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