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Mr. Wheeler bought a used car for $5,000 and sold it for $6,000. What is his percent of gain?


Can someone explain how to do this problem? I just don't understand.

Verified Answer :

First you have to find 5000 divided by 100 because that is the highest percent. Then you find the answer,50, and that is 1% of 5000. Next you subtract 6000 minus 5000 equals 1000. You divide 1000 by 50 and get 20. So his percent of gain is 20%

Percent of gain is 20 %.

What is gain percentage?

Percentage gain means to express the profit or the gain in the form of percentages.

According to the question

Cost price = $5000

Selling price = $6000

Gain percentage  = \(\frac{Selling \ price -Cost \ price}{Cost \ price} \times 100\)

Gain percentage  = \(\frac{6000-5000}{5000} \times 100\)

G = \(\frac{1000}{5000}\times 100\)

G  = \(0.2 \times 100\)

G = 20 %

Percent of gain is 20 %.

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