## Que: Charlie sold his car at a profit of 30 percent of the price that he originally paid......

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### Que: Charlie sold his car at a profit of 30 percent of the price that he originally paid......

by [email protected] Revolution » Sun Aug 08, 2021 8:46 pm

00:00

A

B

C

D

E

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Que: Charlie sold his car at a profit of 30 percent of the price that he originally paid for the car and then bought another car at a price of 60 percent less than the price he originally paid for his first car. If he sold the first car for $26,000, what was his net gain or loss, in dollars, for the two transactions? (A)$6,000 gain
(B) $6,000 loss (C)$8,000 loss
(D) $8,000 gain (E)$18,000 gain

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### Re: Que: Charlie sold his car at a profit of 30 percent of the price that he originally paid......

by [email protected] Revolution » Mon Aug 09, 2021 8:36 pm
Solution: Selling Price of the first car: \$26,000

=> This was sold at 30 percent profit. This means C.P. * $$\frac{130}{100}$$ = 26,000.

=> C.P. of the first car: $$26,000\cdot\frac{100}{130}=20,000$$

=> C.P. of second car: 60 percent less than the C.P. of first car: $$20,000\cdot\frac{40}{100}=8,000$$

=> C.P. 1 = 20,000

=> S.P. 1 = 26,000

=> Profit 1 = 26,000 – 20,000 = 6,000

=> C.P. 2 = 8,000

=> Gain in second car: 20,000 – 8,000 = 12,000

=> Overall loss: 6,000 - 12,000 = -6,000

Therefore, B is the correct answer.