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%
Verified Correct Answer: C.
Step-by-Step Mathematical Solution
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%
Source: Myschool Past Questions Archive (Record #1122)