Question

A buyer paid ​$55 comma 68055,680​, including the​ buyer's premium, for a car auction. If the auction adds a 1616​% ​buyer's premium to the sale price of the​ car, then what was the sale price of the​ car?

Answer 1

The sale price of the car is $48000.

Explanation:

i) let the sale price of the car be = $x

ii) the premium is given as 16%

therefore the premium of the car will be equal to = 16% of $x

the premium of the car will be = $0.16x

iii) therefore total price of car in terms of sale price x = $x + $0.16x

therefore total price = $1.16x

iv) total price is given as $55,680

Therefore $55,680 = $1.16x, therefore $x =
`(55,680)/(1.16) = \$\hspace{0.15cm}48000`.

Therefore the sale price of the car is $48000.