SOLUTION: Joe bought a used motorcycle for $600. He spent $54 fixing it. He advertised the bike for sale for 70% more than he paid originally. The bike didn't sell so he marked the price dow

Click here to see ALL problems on Money Word Problems

Question 170900: Joe bought a used motorcycle for $600. He spent $54 fixing it. He advertised the bike for sale for 70% more than he paid originally. The bike didn't sell so he marked the price down 20%. The bike sold. How much money did Joe make?

THANK YOU SO MUCH!
Answer by Mathtut(3670) (Show Source):
You can put this solution on YOUR website!
Lets start out with a general equation calling the original price paid x....we know that x =600 dollars. 70%(.7) times x added to the original price x is the new price. x+.7x=1.7x. But Joe decided to mark this new price down 20%(.2) so we mark down the new price by 20% with this equation 1.7x(.2) is the mark down and we subtract this from the new price.
:
so we have new price 1.7x and markdown 1.7x(.2).
:
1.7x-1.7x(.2)=sales price (we will call this s).
:
we know x=600 so plug in this value for x.
:
1.7(600)-1.7(600)(.2)=s
:
1020-204=s
:
s=816
:
now in order to get what Joe made on this we take s-(x)-(expenses)=profit(p)
:
816-600-54=p
:
dollars profit