Question

Difficulty: EasyFinancial Mathematics (Interest, Profit, Loss, and Depreciation)

A farmer bought a motorcycle for $\text{₦}250,000$ and later sold it at a profit of $12\%$ . What is the selling price of the motorcycle in Naira?

Answer: 280000 ₦

The selling price of the motorcycle is ₦280,000.

The cost price of the motorcycle is

\text{₦}250,000

. A profit of

12\%

means an additional

\frac{12}{100} \times 250,000 = \text{₦}30,000

. Adding this profit to the cost price gives a selling price of

\text{₦}250,000 + \text{₦}30,000 = \text{₦}280,000

Calculate the profit amount in Naira

Profit = ₦30,000

Profit is calculated as 12% of the original cost price of ₦250,000.

Determine the final selling price

Selling Price = ₦280,000

Selling price equals cost price plus the profit made.

Percentage Profit and Selling Price

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