SOLUTION: A second hand car cost 450,000 including vat at 4 and half percent (a) find the cost of the car excluding vat (b) find the vat to the nearest naira

Question 1055283: A second hand car cost 450,000 including vat at 4 and half percent (a) find the cost of the car excluding vat (b) find the vat to the nearest naira

Found 2 solutions by Theo, MathTherapy:
Answer by Theo(13342) (Show Source): You can put this solution on YOUR website!
value added tax is 4.5%
this means the price of the car with vat added is 1.045 * the price of the car without vat added.
let x = the price of the car.
you get 1.045 * x = 450,000.
solve for x to get x = 450,000 / 1.045 = 430622.0096
round to 430622.
start with 430622.
the vat is 4.5% = .045
multiply 430622 by .045 to get 19377.99
add that to 430622 to get 449999.99
round that to 450,000.
the price of the car without the vat is 430,622 to the nearest naira.

Answer by MathTherapy(10549) (Show Source): You can put this solution on YOUR website!
A second hand car cost 450,000 including vat at 4 and half percent (a) find the cost of the car excluding vat (b) find the vat to the nearest naira
a)
With cost of car being C, we get: . Solve for C, the car's cost.

b)
Subtract the cost of the car (C) from the TOTAL COST ($450,000) to get the VAT
OR
With VAT being V, we get: . Solve for V, the VAT.
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