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Gmat questions from GMAT PREP

Problem Solving — algebra and arithmetic (GMAT Focus Edition)
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Junior | Next Rank: 30 Posts
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by gana » Mon Jan 24, 2011 5:55 pm
A used car dealer sold one car at a profit of 25% of the dealers purchase price for that car and sold another car at a loss of 20 % of the dealer's purchase price for that car. If dealer sold each car for 20,000 dollars what was the dealer's total profit or loss in dollars for the two transactions combined?
A. $ 1000 profit
b. $2000 profit
c. $1000 loss
d. $1000 profit
e. $ 3334 loss
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by Tani » Tue Jan 25, 2011 11:32 am
Car A = $20,000 is a 25% profit versus cost therefore $20,000 = C *1.25 and the Cost is $16,000 with a profit of $4,000

Car B = $20,000 is a 20% loss versus purchase price, therefore $20,000 = .8 C and the cost was $25,000 - loss $5,000

net loss $1,000 (C)

you don't want to be in business with this guy.
Tani Wolff
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