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%
The correct answer is: C
Explanation
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%
There is an explanation video available .