95. Last year, Matthew bought two cars. This year, he sold both the cars for $45,000...
95. Last year, Matthew bought two cars. This year, he
sold both the cars for
$45,000 each. On one, he earned 20% profit, and on the other, he
made a
20% loss. What was his net profit or loss?
A. Profit of $7,500
B. Loss of $3,750
C. Profit of $3,750
D. Loss of $7,500
Homework Answers
Cost of car on which 20% profit is made = 45000/120% =$37,500
Cost of car on which loss is incurred = 45000/80% =$56,250
Total cost =$93,750
Total sales = 45000*2 =$90,000
Hence, net loss =$3,750
The answer is B. Loss of $3750
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