Question

An auto dealer buys a truck at a cost of $15,800 and sells it to consumers at a price of $33,970. Find the amount of the markup, and the percent markup based on the selling price. Round to the nearest tenth percent.

Answer 1

Explanation:

The amount of the markup is a dollar amount found by subtracting the cost for the dealer from what he sold it for:

$33,970 - $15,800 = $18,170

Divide this by the cost for the dealer, multiply by 100, and this is the percent markup:

$18,170/$15,800 = 1.15 and

1.15 x 100 = 115%