SOLUTION: Hi a car salesman purchases 10 cars for 12000 dollars each. He sells 7 of them at a profit of 16 percent each. He wishes to sell the remaining 3 carsfor the same price each and at

Question 1035249: Hi
a car salesman purchases 10 cars for 12000 dollars each. He sells 7 of them at a profit of 16 percent each. He wishes to sell the remaining 3 carsfor the same price each and at a price that will give him a 15 percent profit overall for the 10 cars.what price should he sell each of the remaining cars for.
thank u
Found 2 solutions by Theo, MathTherapy:
Answer by Theo(13342) (Show Source): You can put this solution on YOUR website!
if he wants to make 15% overall, then his total profit needs to be 10 * 12000 * .15 = 18000.

he sold 7 at 16% profit.

profit on the 7 was therefore 7 * 12000 * 16/100 = 13440.

the remaining 3 need to earn him 18000 - 13440 = 4560.

you get 3 * x = 4560.

solve for x to get x = 4560 / 3 = 1520.

1520 / 12000 = .1266666.....

multiply that by 100 and you get that he needs to earn 12 and 2/3 % profit on the remaining 3.

you get:

7 * 16 / 100 * 12000 = 13440
3 * (12 + 2/3) / 100 * 12000 = 4560
13440 + 4560 = 18000.

total profit is 18000.
18000 / (10 * 12000) = 18000 / 120000 = .15 = 15%.

Answer by MathTherapy(10552) (Show Source): You can put this solution on YOUR website!

Hi
a car salesman purchases 10 cars for 12000 dollars each. He sells 7 of them at a profit of 16 percent each. He wishes to sell the remaining 3 carsfor the same price each and at a price that will give him a 15 percent profit overall for the 10 cars.what price should he sell each of the remaining cars for.
thank u

Cost of the 10 cars @ $12,000 each: $120,000
A profit of 16% on each car means that selling price of 7 of the 10 cars was: $97,440
A profit of 15% on the 10 cars means that he wants to make 1.15(120,000), or $138,000
Since he sold 7 for $97,440, and wants to make a total of $138,000 on the 10, then he
should sell each of the remaining 3 for:
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