John M. answered • 05/18/16

Certified Math Teacher with Statistics Masters

Amanda K.

asked • 05/18/16A used-car dealer has a vehicle on the lot with a sticker price of $6999. If the dealer markup on used vehicles is 12%, how much did the dealer pay for the car?

A. $6499.15

B. $6249.11

C. $6425.00

D. $5000.00

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John M. answered • 05/18/16

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Certified Math Teacher with Statistics Masters

To calculate percentage, multiply the percent (as a decimal) by the price paid. Since we don't know what the dealer paid, we'll use x to represent the price the dealer paid. Therefore, the 12% added on would be .12x.

Since the markup is added to the original price to get the final price, this gives us the equation:

x + .12x = 6999

1.12x = 6999

x = 6249.11 (Option B)

Sahil P. answered • 05/18/16

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Knowledgeable and Effective Tutor with Advanced Engineering Degree

Let's say the price the dealer paid for the car is X.

$6999 - X = 12% of X = 0.12X

X = $6999/1.12

X = $6249.11

Arthur D. answered • 05/18/16

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Mathematics Tutor With a Master's Degree In Mathematics

$6999=112% of n

6999=1.12*n

n=6999/1.12

n=$6249.11 (rounded) which is B.

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