A used-car dealer has a vehicle on the lot with a sticker price of $5999. if the dealer markup on used vehicles is 20%, how much

Question

DIA [1.3K]

3 years ago

7

A used-car dealer has a vehicle on the lot with a sticker price of $5999. if the dealer markup on used vehicles is 20%, how much

did the dealer pay for the car?

Business

2 answers:

cupoosta [38] · Answer 1 · 2022-08-16T14:22:43+03:00

A price markup is an increase in the price the dealer sells that he ensures in order to gain guaranteed profit. If the markup is 20%, this means that he added 20% of what he paid for the car, and used this price for sale. Therefore, we let x be the price the dealer paid for the car.

$5999 = x + 0.2x = 1.2x
x = $4999

Thus, the dealer paid $4999 originally for the car.

Yuki888 [10] · Answer 2 · 2022-08-16T16:46:22+03:00

Yuki888 [10]3 years ago

3 0

Answer:

4,999.17

Explanation:

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