Question

A customer just paid $35,620 for a delivery van. If the percent markup based on cost is 30%, what was the cost?

Answer 1

Find Percentage of the selling price:

100% + 30% = 130%

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Find 100% (Cost Price):

130% = $35 620

1 % = $274

100% = $274 x 100 = $27 400

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Answer: The cost of the delivery van is $27400

Answer 2

Answer: The original cost was $27,400.

Explanation:

Since we have given that

Amount he paid for a delivery van = $35,620

Rate of markup = 30%

We need to find the cost.

Let the cost of delivery van would be 'x'.

So, Amount of markup would be

`(30)/(100)* x\\\\=0.3x`

Amount after mark up would be

`x+0.3x\\\\=1.3x`

According to question, it becomes,

`1.3x=35620\\\\x=(35620)/(1.3)\\\\x=27,400`

Hence, the original cost was $27,400.