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JAMB Mathematics 2001 Question 2

Question 2

Commercial Arithmetic

A car dealer bought a second-hand car for N250,000.00 and spent N70,000.00 refurbishing it. He then sold the car for N400,000.00. What is the percentage gain?

  1. A.20%
  2. B.25%
  3. C.32%
  4. D.60%
Show the answer and explanation

Answer: B (25%)

Explanation

Total cost = 250 000 + 70 000 = N320 000, so the gain is N80 000. As a percentage of cost: 80 000/320 000 × 100 = 25%.