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A used car reseller was paid a total of $5,000 for a used car. The res

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A used car reseller was paid a total of $5,000 for a used car. The res  [#permalink]

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New post 16 Oct 2018, 02:18
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Question Stats:

40% (02:11) correct 60% (02:14) wrong based on 32 sessions

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A used car reseller was paid a total of $5,000 for a used car. The reseller’s only costs for the car were for buying the used car and repairing the car. Was the reseller’s profit from selling the used car more than $1,500?

(1) The reseller’s total cost was three times the cost of buying the car.
(2) The reseller’s profit was more than the cost of repairing the car.

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Re: A used car reseller was paid a total of $5,000 for a used car. The res  [#permalink]

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New post 16 Oct 2018, 02:24
A used car reseller was paid a total of $5,000 for a used car. The reseller’s only costs for the car were for buying the used car and repairing the car. Was the reseller’s profit from selling the used car more than $1,500?

(1) The reseller’s total cost was three times the cost of buying the car.
We do not know how much the car was bought for. INSUFFICIENT.

(2) The reseller’s profit was more than the cost of repairing the car.
There are no dollar values to go on and decipher if the said profit was more or less than $1,500

Together
We still do not know the total cost incurred, so calculating the profit is not possible.

Answer has to be E.
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Re: A used car reseller was paid a total of $5,000 for a used car. The res   [#permalink] 16 Oct 2018, 02:24
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