8 A secondhand car lot has a Markup of 250 on 65 of its cars

8. A second-hand car lot has a Mark-up of $250 on 65% of its cars and a Mark-up of $400 on the rest. What is the expected Mark-up?

Solution

If the Cost Price = x

65 % of x = 250

(65/100) * x = 250

x = (250 * 100) / 65

Cost Price = 384.62

New mark up = 400

Percentage of mark up = (400 / 384.62) * 100

                                      = 103.99%