SOLUTION: Gomez Motors purchased an automobile for $12,000 and sold it for $15,000. What was the markup as a percentage of the purchase price and what was the markup as a percentage of the s

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Question 66334This question is from textbook An Incremental Development
: Gomez Motors purchased an automobile for $12,000 and sold it for $15,000. What was the markup as a percentage of the purchase price and what was the markup as a percentage of the selling price? This question is from textbook An Incremental Development

Answer by checkley71(8403) About Me  (Show Source):
You can put this solution on YOUR website!
15000/12000=1.25 or the markup is 25% of the purchased price.
(15000-12000)/15000=3000/15000=.20 or 20% markup as a % of the selling price.