SOLUTION: A used car dealer sold two cars and received $560 for each car. One of these transactions amounted to a 40% profit for the dealer, whereas the other amounted to a 20% loss. Show th

Algebra ->  Rate-of-work-word-problems -> SOLUTION: A used car dealer sold two cars and received $560 for each car. One of these transactions amounted to a 40% profit for the dealer, whereas the other amounted to a 20% loss. Show th      Log On


   

Question 52272: A used car dealer sold two cars and received $560 for each car. One of these transactions amounted to a 40% profit for the dealer, whereas the other amounted to a 20% loss. Show that the dealer’s net profit on the two transactions was $20.

Found 2 solutions by checkley71, jorel1380:
Answer by checkley71(8403) About Me  (Show Source):
You can put this solution on YOUR website!
560*.4+560*-.2=224-112=$112 PROFIT FOR THE SALE OF THE 2 CARS.
SORRY CAN'T AGREE WITH THE $20 PROFIT.

Answer by jorel1380(3719) About Me  (Show Source):
You can put this solution on YOUR website!
If the dealer sold the first car for a 40% profit, then his cost can be found by x + .40x = 560. Thus his cost 560/1.4 which is $400; thus his profit was $160. By the same token, his loss on the second car was x - .20x = 560. His cost here was x = 560/.8 = 700. His profit here was -$140. His total profit was $160 - $140
which is $20.