Explanation Given Information: The selling price of an automobile is $ 12 , 344.80 and the amount of markup is $ 5 , 400 . Formula used: The cost can be calculated with the formula; Cost = Selling Price − Markup C = S P − M The formula for find the percentage of markup cost is to divide the markup cost of an item by the Cost is; % M cos t = M C Calculation: The selling price of an automobile is $ 12 , 344.80 and the amount of markup is $ 5 , 400 . So, S P = $ 12 , 344.80 and M = $ 5 , 400 . The cost of an automobile is given as: C = S P − M Substitute for S P = $ 12 , 344.80 and M = $ 5 , 400 in C = S P − M : C = S P − M = 12 , 344

Contemporary Mathematics For Business & Consumers, Brief Edition, Loose-leaf Version

8th Edition

ISBN: 9781305867192

Author: Robert Brechner, Geroge Bergeman

Publisher: South-Western College Pub

See similar textbooks

Concept explainers

Unitary Method

The word “unitary” comes from the word “unit”, which means a single and complete entity. In this method, we find the value of a unit product from the given number of products, and then we solve for the other number of products.

Speed, Time, and Distance

Imagine you and 3 of your friends are planning to go to the playground at 6 in the evening. Your house is one mile away from the playground and one of your friends named Jim must start at 5 pm to reach the playground by walk. The other two friends are 3 …

Profit and Loss

The amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item.

Units and Measurements

Measurements and comparisons are the foundation of science and engineering. We, therefore, need rules that tell us how things are measured and compared. For these measurements and comparisons, we perform certain experiments, and we will need the experime…

Videos

Question

Chapter 8.I, Problem 3RE

To determine

To calculate: The cost and percent markup of an automobile, if the selling price is $12,344.80 and the amount of markup is $5,400.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Chapter 8.I, Problem 2RE

Chapter 8.I, Problem 4RE

Students have asked these similar questions

f E and F are disjoint events, P(E and F) =

Chapter 8 Solutions

Contemporary Mathematics For Business & Consumers, Brief Edition, Loose-leaf Version

Ch. 8.I - For the following, use the basic retailing...Ch. 8.I - For the following, use the basic retailing...Ch. 8.I - Prob. 3TIE Ch. 8.I - Prob. 4TIE Ch. 8.I - Prob. 5TIE Ch. 8.I - Prob. 6TIE Ch. 8.I - Prob. 1RE Ch. 8.I - For the following items, calculate the missing...Ch. 8.I - Prob. 3RE Ch. 8.I - For the following items, calculate the missing...

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, subject and related others by exploring similar questions and additional content below.

The cost and percent markup of an automobile, if the selling price is $ 12 , 344.80 and the amount of markup is $ 5 , 400 .

Solution Summary: The author explains how to calculate the cost and percent markup of an automobile, if the selling price is 12,344.80 and the amount of.

Concept explainers

Videos

To calculate: The cost and percent markup of an automobile, if the selling price is $12,344.80 and the amount of markup is $5,400.

Want to see the full answer?

Chapter 8 Solutions