My Math Forum Cost of Car

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 January 28th, 2007, 01:45 PM #1 Senior Member   Joined: Dec 2006 From: New Jersey Posts: 378 Thanks: 1 Cost of Car The suggested list price of a new car is $1200. The dealer's cost is 85% of the list. How much will you pay if the dealer is willing to accept$100 over the cost for the car? (1) How do I set up an equation to solve this question? (2) In the question itself we read: "The dealer's cost is 85% of the list." Does this mean we are no longer dealing with 85% but actually 15%? (3) What does the wording "$100 over the cost for the car" mean?  January 28th, 2007, 07:46 PM #2 Global Moderator Joined: Nov 2006 From: UTC -5 Posts: 16,046 Thanks: 938 Math Focus: Number theory, computational mathematics, combinatorics, FOM, symbolic logic, TCS, algorithms Re: Cost of Car The dealer's cost is 0.85 *$1200. The wording means that the dealer is willing to accept no less than ($100 more than his cost).  January 29th, 2007, 01:22 PM #3 Senior Member Joined: Dec 2006 From: New Jersey Posts: 378 Thanks: 1 ok Are you saying that the answer can be found by 0.85 *$1200?
 January 29th, 2007, 01:51 PM #4 Senior Member   Joined: Nov 2006 From: I'm a figment of my own imagination :? Posts: 848 Thanks: 0 Not quite. It is 1200*.85 + 100. It's good that you are asking questions when you don't understand something. You will learn a lot more that way.
 January 30th, 2007, 02:50 AM #5 Senior Member   Joined: Dec 2006 From: New Jersey Posts: 378 Thanks: 1 ok I totally got it but one thing is not clear: why must we add 100 to 1200*.85? Where did 100 come from?
January 30th, 2007, 02:58 AM   #6
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 I totally got it but one thing is not clear: Where did 100 come from?
It says right in the problem! The dealer won't accept a price below 100$over his own cost, which is 85% of the list price. (1200*0.85) +100= price you'll pay for the car  January 30th, 2007, 01:11 PM #7 Senior Member Joined: Dec 2006 From: New Jersey Posts: 378 Thanks: 1 ok Thanks for letting know. I did not understand when the problem stated: "The dealer won't accept a price below 100$ over his own cost, which is 85% of the list price."
 January 30th, 2007, 04:24 PM #8 Global Moderator   Joined: Dec 2006 Posts: 19,725 Thanks: 1807 A "model" dealer buys the car at trade price and then sells it at the list price. The list price suggested by the manufacturer is $1200 and the trade price (the dealer's cost) is 85% of the list price, i.e.,$1020, so the dealer's profit is $180. Where the question states "$100 over the cost for the car", "the cost" refers to the trade price of $1020 (i.e., the dealer's cost rather than the cost to you), so the question is stating that the dealer is willing to accept a profit of only$100 by selling the car for \$1120.
 February 2nd, 2007, 03:55 PM #9 Senior Member   Joined: Dec 2006 From: New Jersey Posts: 378 Thanks: 1 ok Good replies.

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