Need help on this:(?

Question

A 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

Answer 1

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)

Answer 2

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

Answer 3

$6999=112% of n

6999=1.12*n

n=6999/1.12

n=$6249.11 (rounded)  which is B.