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An auto dealership sold the first car with a 10% profit and [#permalink]
 10 Apr 2008, 21:52
An auto dealership sold the first car with a 10% profit and the second car with a 10% loss, which gave it an overall profit of 5% from these sales. How much were the cars sold for if the dealership profit was $1000?
A $11,000 and $9,000
B $15,000 and $5,000
C $9,450 and $10,550
D $11,550 and $8,450
E $10,000 and $10,000
Can you folks try this. Read question carefully.
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Re: auto dealership [#permalink]
10 Apr 2008, 22:22
kyatin wrote: An auto dealership sold the first car with a 10% profit and the second car with a 10% loss, which gave it an overall profit of 5% from these sales. How much were the cars sold for if the dealership profit was $1000?
A $11,000 and $9,000
B $15,000 and $5,000
C $9,450 and $10,550
D $11,550 and $8,450
E $10,000 and $10,000
Can you folks try this. Read question carefully. 0.10x - 0.10y = 1000 ..............i 0.05 (x + y) = 1000 ............. ii 0.20x = 3000 x = 3000/0.20 = 15000 y = 5000 B.
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Re: auto dealership [#permalink]
11 Apr 2008, 00:24
GMAT TIGER wrote: kyatin wrote: An auto dealership sold the first car with a 10% profit and the second car with a 10% loss, which gave it an overall profit of 5% from these sales. How much were the cars sold for if the dealership profit was $1000?
A $11,000 and $9,000
B $15,000 and $5,000
C $9,450 and $10,550
D $11,550 and $8,450
E $10,000 and $10,000
Can you folks try this. Read question carefully. 0.10x - 0.10y = 1000 ..............i 0.05 (x + y) = 1000 ............. ii 0.20x = 3000 x = 3000/0.20 = 15000 y = 5000 B. GMATTIGER, I was getting bit confused with terminologies here.....in my mind....% profit or loss is always based on Purchase price....but in this question it seems to be based on Selling price. ('Sold with 10% loss') So 15000 is selling price that includes 10% profit indicating purchase price was 13,500 and 1,500 is profit. Same token 5,000 is selling price of second car and 10% is loss off Selling price...so actual purchase price is 5,500 I guess we can easily twist this type of quesiton. Let me know if you have any other insight...or did I just read too much into the problem.
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Re: auto dealership [#permalink]
11 Apr 2008, 12:35
I've found with problems like this, instead of starting to solve or set up the equation, just figure out what 10% is, since that part is easy. Write them down, find the different of $1000. Don't even need the equation.
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Re: auto dealership [#permalink]
11 Apr 2008, 17:56
kyatin wrote: GMAT TIGER wrote: kyatin wrote: An auto dealership sold the first car with a 10% profit and the second car with a 10% loss, which gave it an overall profit of 5% from these sales. How much were the cars sold for if the dealership profit was $1000?
A $11,000 and $9,000
B $15,000 and $5,000
C $9,450 and $10,550
D $11,550 and $8,450
E $10,000 and $10,000
Can you folks try this. Read question carefully. 0.10x - 0.10y = 1000 ..............i 0.05 (x + y) = 1000 ............. ii 0.20x = 3000 x = 3000/0.20 = 15000 y = 5000 B. GMATTIGER, I was getting bit confused with terminologies here.....in my mind....% profit or loss is always based on Purchase price....but in this question it seems to be based on Selling price. ('Sold with 10% loss') So 15000 is selling price that includes 10% profit indicating purchase price was 13,500 and 1,500 is profit. Same token 5,000 is selling price of second car and 10% is loss off Selling price...so actual purchase price is 5,500 I guess we can easily twist this type of quesiton. Let me know if you have any other insight...or did I just read too much into the problem. nope, there is no confusion. x = cost = 15000 10% proft = 1500 y = cost = 5000 10% loss = 500 so net profit = 1000
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Re: auto dealership [#permalink]
12 Apr 2008, 02:43
equation method is pretty good but finding out 10% of the two figures and then subtracting 2 from 1 is quicker. Saves time !
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Re: auto dealership
[#permalink]
12 Apr 2008, 02:43
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close
