Question 58508: Michael bought two used cars and fixed them up. He sold the first one for a 35% profit and the second for a 15% profit. He made a total profit of 2,640 by selling these cars.The price that Michael paid for the first car was 2,600 less than the price for the second car. What was the selling price of each car.
Answer by ankor@dixie-net.com(22740)   (Show Source):
You can put this solution on YOUR website! Michael bought two used cars and fixed them up. He sold the first one for a 35% profit and the second for a 15% profit. He made a total profit of 2,640 by selling these cars.The price that Michael paid for the first car was 2,600 less than the price for the second car. What was the selling price of each car.
:
Find the price he paid for the cars.
:
Let x = price paid for the first car
Then (x+2600) = price paid for the second car
:
The problem states that:
profit on the 1st car + profit on the 2nd car = 2640,
.35(x) + .15(x+2600) = 2640
:
.35x + .15x + 390 = 2640
:
.35x + .15x = 2640 - 390
:
.50x = 2250
x = 2250/.50
x = 4500 he paid for the 1st car
:
The 2nd car: 4500 + 2600 = 7100
:
Find the selling price of each car
Car 1: 1.35(4500) = $6075
:
Car 2: 1.15(7100) = $8165
:
:
Check:
Cars sold$ - Cars bought$
(8165+6075) - (4500+7100) =
14240 - 11600 = 2640 which is given as the total profit
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