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?
Take Free Practice Test On 2026 JAMB UTME, Post UTME, WAEC SSCE, GCE, NECO SSCE
Correct Answer: Option C
Explanation:
Total cost = N(250,000 + 70,000) = N320,000
Selling price = N400,000 (given)
Gain = SP - CP = N(400,000 - 320,000) = N80,000
Gain % = gain/CP x 100 = (80,000/320,000) x 100
Gain % = 25%
Total cost = N(250,000 + 70,000) = N320,000
Selling price = N400,000 (given)
Gain = SP - CP = N(400,000 - 320,000) = N80,000
Gain % = gain/CP x 100 = (80,000/320,000) x 100
Gain % = 25%