Question:
Mike sold his car at a profit of 25%. If he purchased that car at $2500 then find the sale price of the car.
Correct Answer
Sale Price = $3125
Solution And Explanation
Solution
Given, Cost Price = $2500
Profit % = 25%
Therefore, Sale Price = ?
Calculation of Sale Price after calculation of profit
Calculation of profit when cost price and profit% are given
Profit = Cost Price × Profit%
= $2500 × 25%
= 2500 × 25/100
= 2500 25 25/100
= 25 × 25 = $625
Thus, profit = $625
Calculation of Sale Price when profit and Cost Price is known
Sale Price = Cost Price + Profit
= $2500 + $625 = $3125
Thus, Sale Price of the car = $3125 Answer
Shortcut Trick to calculate Sale Price when cost price and profit percent are known
Here, Cost Price = $2500
And profit = 25%
Therefore, Sale Price = Cost Price + (Profit% of Cost Price)
= 2500 + (25% of 2500)
= 2500 + (25/100 × 2500 25)
= 2500 + (25 × 25)
= 2500 + 625 = $3125
Thus, Sale Price = $3125 Answer
Calculation of Sale Price (SP) using formula when Cost Price (CP) and profit percent are given
Sale Price (SP) = 100 + profit%/100 × Cost Price
= 100 + 25/100 × 2500
= 125/100 × 2500 25
= 125 × 25 = $3125
Therefore, Sale Price = $3125 Answer
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