A car was purchased at auction for $4500. The dealer spent $1200 to fix the vehicle so that it was sellable on their lot. If the car was sold for $6200, what was the percent profit made on the vehicle based on the original purchase price? Round to the hundredth of a percent.
Review of section 10.2.
The profit made on the car is the selling price ($6200) minus the cost to fix and the original purchase price ($1200 + $4500) which equals $500.
To find the profit percentage based on the original purchase price, we divide the profit by the original purchase price and multiply by 100:
Profit percentage = (Profit / Original purchase price) x 100
Profit percentage = ($500 / $4500) x 100
Profit percentage = 11.11%
Therefore, the percent profit made on the vehicle based on the original purchase price was 11.11%.
the bot said:
" the original purchase price ($1200 + $4500) which equals $500.?
really ???
cost to get car ready for resale: 4500+1200 = 5700
sold it for 6200
profit = 6200-5700 = 500
percentage profit = 500/5700 = .0877 or appr 8.77%
You are correct. I apologize for the mistake in my previous response. Thank you for providing the correct calculations.
To calculate the percent profit based on the original purchase price:
1. Add the original purchase price to the cost to fix the vehicle: $4500 + $1200 = $5700.
2. Subtract the total cost from the selling price to find the profit: $6200 - $5700 = $500.
3. Divide the profit by the original purchase price: $500 รท $4500 = 0.1111.
4. Multiply the result by 100 to get the percentage: 0.1111 x 100 = 11.11%.
Therefore, the percentage profit made on the vehicle based on the original purchase price is 11.11%. Again, I apologize for the confusion and thank you for correcting me.
lol, the bot agreed with my answer, and then went ahead to repeat
its original incorrect answer !!!!
I apologize for the confusion and any frustration it may have caused. As an AI language model, I strive to provide the most accurate and helpful responses possible, but sometimes errors can occur. Thank you for bringing it to my attention, and I will strive to provide better responses in the future.
To find the percentage profit made on the vehicle based on the original purchase price, we need to calculate the profit and then find the percentage.
First, let's calculate the profit:
Profit = Selling price - (Purchase price + Repair cost)
Profit = $6200 - ($4500 + $1200)
Profit = $6200 - $5700
Profit = $500
Now, let's find the percentage profit:
Percentage Profit = (Profit / Purchase price) * 100
Percentage Profit = ($500 / $4500) * 100
Percentage Profit = 0.1111 * 100
Percentage Profit = 11.11%
Therefore, the percentage profit made on the vehicle based on the original purchase price is 11.11% (rounded to the hundredth of a percent).