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?

  • A 60%
  • B 32%
  • C 25%
  • D 20%
jamb 2001mathematics

The correct answer is C. 25%

The car dealer bought the second-hand car for N250,000 and spent N70,000 refurbishing it, so the total cost of the car is N250,000 + N70,000 = N320,000.

He then sold the car for N400,000, so his gain is N400,000 - N320,000 = N80,000.

The percentage gain is calculated as (gain / cost) 100%, so in this case it is (N80,000 / N320,000) x 100% = 25%.

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