Mr. Jones brought a use car for $2400 and sold it for $2700. What was the percent of profit for Mr. Jones in selling the car?
300/2400 = ?
Multiply the decimal answer by 100 to find the percent.
12.5 percent
Right!
To calculate the percent of profit for Mr. Jones in selling the car, we need to determine the profit and then find the percentage.
First, let's find the profit:
Profit = Selling Price - Cost Price
Given that Mr. Jones bought the used car for $2400 and sold it for $2700, we can substitute these values into the formula:
Profit = $2700 - $2400
Profit = $300
Now that we have the profit, we can calculate the percentage of profit relative to the cost price:
Percentage of Profit = (Profit / Cost Price) * 100
Substituting the values we have:
Percentage of Profit = ($300 / $2400) * 100
Percentage of Profit ≈ 0.125 * 100
Percentage of Profit ≈ 12.5%
Therefore, Mr. Jones made a profit of 12.5% on selling the car.