Question

A Honda Element with a dealer invoice price of $19,700 was retail priced at $23,000. How much is the approximate percent markup based on selling price?

Answer 1

Answer:

16.75%

Step-by-step explanation:

find the difference:

23000 - 19700 = 3300

no divide 3300 by 19700 to get the percent

3300 / 19700 = 0.1675

move decimal twice for percent

16.75%

Answer 2

so, is the same as before, so we do it exactly the same way.

23000 - 19700 = 3300 is the difference, or namely the markup on the cost.

if 19700, originally, is the 100%, what is 3300 off of it in percentage?

$\bf \begin{array}{ccll} amount&\%\\ \cline{1-2} 19700&100\\ 3300&x \end{array}\implies \cfrac{19700}{3300}=\cfrac{100}{x}\implies \cfrac{197}{33}=\cfrac{100}{x} \\\\\\ 197x=3300\implies x=\cfrac{3300}{197}\implies x\approx 16.75$