A car dealer bought a second-hand car for 250,000 and spent N 70,000 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 Price = N(250,000 + 70,000)
= N 320,000
Selling Price = N 400,000(Given)
Gain = Selling Price - Cost Price
= 400,000 - 320,000
= 80,000
% gain = \(\frac{\text{Gain}}{\text{Cost Price}}\) \times 100
= \(\frac{80,000}{320,000}\) \times 100
Gain % = 25%
Source: Myschool Past Questions Archive (Record #46345)