Hi, everyone!
THE PROBLEM:
A man recently bought two cars, but afterwards found that they would not answer the purpose for which he wanted them. So he sold them for $1200 each, making a loss of 20%, on one car and a profit of 20%, on the other.
Did he make a profit on the whole transaction, or a loss? And how much?
Test yourself!
The right answer you can find in comments.
1 comment:
The man must have paid $1500 ($1200/0.8) and $1000 ($1200/1.2) for the two cars, making together $2500. But as he sold them for only $2400, he lost $100 by the transaction.
Explanation:
1) a loss of 20%
X – 100%
1200 – 80%
X = (1200*100%)/80% = 1500
2) a profit of 20%
X – 100%
1200 – 120%
X = (1200*100%)/120% = 1000
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