Percent - Profit & Loss

Percent and Profit and loss:

1. An auction house charges a commission of 15% on the first $50,000 of the sale price of an item, plus 10% on the amount of the sale price in excess of $50,000. What was the price of a painting for which the house charged a total commission of $24,000?
(A)  $115,000      (B)  $160,000       (C) $215,000      (D)  $240,000       (E)  $365,000

2.  Tires of a certain brand, when purchased new, last for four years. A customer can choose to purchase the new tires at a cost of $180 per tire or can have his current tires repaired at a cost of $40 per tire, a repair that will make the current tires last for one additional year. The average cost per year of the new tires is what percent greater than the cost of repairing the current tires?
(A) 8%        (B) 10%      (C) 12.5%     (D) 16.7%       (E)  25%

3. A used car dealer sold one car at a profit of 25 percent of the dealers purchase price for that car and sold another car at a loss of 20 percent of the dealers purchase price for that car. If the dealer sold each car for $20,000 , what was the dealers total profit or loss, in dollars, for the two transactions combined?
(A)  1000 profit   (B)  2000 profit    (C)  1000 loss   (D)  2000 loss    (E) 3334 loss

4. A farmer spent $35 on feed for chickens and goats. He spent 40% money on chicken feed, which he bought at a 20% discount off the full price, and spent the rest on goat feed, which he bought at full price. If the farmer had paid full price for both the chicken feed and the goat feed, what amount would he have spent on the chicken feed and goat feed combined?
(A) $37.80           (B) $38.50        (C) $39.20        (D) $39.50          (E) $40.60

5. A photography dealer ordered 60 Model X cameras to be sold for $250 each, which represents a 20 percent mark-up over the dealer’s initial cost for each camera. Of the cameras ordered, 6 were never sold and were returned to the manufacturer for a refund of 50 percent of the dealer's initial cost. What was the dealer's approximate profit or loss as a percent of the dealer’s initial cost for the 60 cameras?
(A)  7% loss    (B)  13% loss     (C)  7% profit    (D)  13% profit     (E)  15% profit

6. During a sale a clerk was putting a new price tag on each item .On one jacket,he accidentally raised the price by 15% instead of lowering by 15%.As a result the price on the tag was too high. What was the original price of the jacket?

7. At Bernie’s Bargain Basement everything is sold for 20% less than the price marked. If Bernie buys radios for $80, what price should he mark them if he wants to make a 20% profit on his cost?

(A) $96           (B) $100        (C) $112        (D) $120          (E) $125

8. A toy store regularly sells all stock at a discount 20 percent to 40 percent . If an additional 25 percent were deducted from the discount price during a special sale,what would be the lowest  possible price of a toy costing $16 before any discount?

(A) $5.60           (B) $7.20        (C) $8.80        (D) $9.60          (E) $15.20

9. In Country X, a returning tourist may import goods with a total value of $500  or less tax free, but must pay an 8 percent tax on the portion of the total value in excess of $500. What tax must be paid by a returning tourist who imports goods with a total value of $730 ?

(A) $58.40           (B) $40.00        (C) $24.60        (D) $18.40          (E) $16.00

10. Last year Carlos saved 10 percent of his annual earnings .This year he earned a 5 percent more than last year and he saved 12 percent of his annual earnings .The amount saved this year was what percent of the amount saved last year?

(A) 122 %        (B)124  %       (C) 126 %     (D) 128 %     (E) 130 %

11. A corporation that had $115.19 billion in profits for the year paid out $230.10 million in employee benefits. Approximately what percent of the profits were the employee benefits?

(A) 50 %        (B) 20 %       (C) 5 %     (D) 2%     (E) 0.2 %

12. A dealer originally bought 100 identical batteries at a total cost of q dollars. If each battery was sold at 50 percent above the original price per battery , then , in terms of q, for how many dollars was each battery sold ?

(A)         (B)       (C) 150q   (D)  + 50    (E) 

13. Salesperson A’s compensation for any week is $360 plus 6 percent of the portion of A’s total sales above $1000 for that week .Salesperson B’s compensation for any week 8 percent of B’s total sales for that week. For what amount of total weekly sales would both salespeople earn the same compensation?

(A) $21,000           (B) $18,000        (C) $15,000        (D) $4,500          (E) $4000

14. Ms Adams sold two properties, X and Y for $30,000 each. She sold  property X for 20 percent more than she paid for it and sold property Y for 20 percent less than she paid for it .If expenses are disregarded ,what was her total net gain or loss, if any, on the two properties?

(A) Loss of $1,250   (B)Loss of  $2,500 (C) Gain of  $1,250 (D) Gain of $2,500 (E)There was neither net gain or net loss

15. As a Salesperson, Phyllis can choose one of the two methods of annual payment either an annual salary of $10,000 plus a 20 percent commission on her total annual sales. What must her total annual sales be to give her the same annual pay with either method?

(A) $100,000           (B) $120,000        (C) $125,000        (D) $130,000          (E) $132,000

 16. In 1985, a company sold a brand of shoes to retailers for a fixed price per pair .In 1986 the number of pairs of the shoes that the company sold to retailers decreased by 20 percent ,while the price per pair increased by 20 percent. If the company‘s revenue from the sales of the shoes in 1986 was $3.0 million , what was the approximate revenue from the sale of the shoes in 1985?

(A) $2.4 million            (B) $2.9 million       (C) $3.0 million        (D) $3.1 million         

(E) $3.6 million

17. If a 10 percent deposit that has been paid toward the purchase of a certain product is $110, how much more remains to be paid?

(A) $880       (B) $990    (C) $1,000        (D) $1,100          (E) $1,210

18. Craig sells major appliances .for each appliance he sells ,Craig receives a commission of $50 plus 10 percent of the selling price .during one particular week Craig sold 6 appliances for selling prices totalling $3,620 what was the total of Craig's commissions for that week ?

(A) $412       (B) $526    (C) $585        (D) $605          (E) $662

19. Reggie purchased a car costing $8,700 as a down payment he used a $2,300 insurance settlement ,and an amount from his savings equal to 15 percent of the difference between the cost of the car and the insurance settlement . if he borrowed the rest of the money needed to purchase the car , how much did he borrow ?

(A) $6,400           (B) $6,055        (C) $5,440        (D) $5,095          (E) $3,260

20. In a certain furniture store , each week Nancy earns a salary of $240 plus 5 percent of the amount of her total sales that exceeds $800 for the week if Nancy earned a total of $450 one week , what were her total sales that week ?

(A) $2,200       (B) $3,450    (C) $4,200        (D) $4,250          (E) $5,000

21. The regular price per can of a certain brand of soda is $0.40 if the regular price per can is discounted 15 percent when the soda is purchased in 24-can cases , what is the prive of 72 cans of this brand of soda purchased in 24-can cases?

(A) $1632           (B) $1800        (C) $2160        (D)$2448          (E) $2880

22. Anne bought a computer for $2,000 and then paid a 5 percent sales tax, and henry bought a computer for $1,800 and then paid a 12 percent sales tax the total amount that henry paid , including sales tax  , was what percent less than the total amount that anne paid ,including sales tax?

(A) 3 %        (B) 4 %       (C) 7 %     (D) 10%     (E) 12 %

23. If Mel saved more than $10 by purchasing a sweater at a 15 percent discount , what is the smallest amount the original price of the sweater could be , to the nearest dollar ?

(A) 45      (B) 67    (C) 75   (D) 83    (E) 150

24. Rosebay's income exceeds twice Jane's income and both pay the same percentage of income in transportation fees?

Column A: The amount Jane pays in transportation fees  

Column B: Half the amount Rosebay pays in transportation fees    

        

25. An item‘s price is discounted by 16% subsequently, the discounted price is increased by 16%?

Column A: the original price                       Column B: the price after the discount and increase

26.  Column A: The price of an item after five consecutive 10% discounts are applied

        Column B: 50% of the price of the item

27. A house valued at $200,000 two years ago lost 40% of its value in the first year and a further 20% of that reduced value during the second year.

Column A:  The current value of the house       Column B:$100,000

28. A computer that was discounted by 15% sold for $612 .what was the price of the computer before the discount?

(A) $108.00      (B) $520.20      (C) $703.80       (D) $720.00          (E) $744.00

29. An item costs x dollars where x is a positive integer

Column A:  The price of the item after a 10% discount and then a $10-off coupon are applied Column B: The price of the item after a $10 – off coupon and then a 10% discount are applied

30. Ms. Rogers bought an electric range on the instalment plan. The cash price of the range was $400. The amount she paid was $120 down and 12 monthly payments for $28 each

Column A: The amount she paid for the electric range in excess of the cash price        

Column B: $56

31. A discount of 40 percent of the original selling price of an item reduces the price to $72?

Column A: The original selling price of the item              Column B: $120

32. The total for a certain bridge is $0.15 or 1 token .tokens is sold in packs of 40 for $4.00?

Column A: The percent saved on 40 trips across the bridge if a token, rather than $0.15, is used to pay each toll            

Column B: 66 2/3%

33. Maria weekly net salary of $585 is 65 percent of her weekly gross salary

Column A: Maria weekly gross salary                                 Column B: $900

34. Three individuals contributed $800 each towards the purchase of a computer .if they bought the computer on sale for $1950 plus 10 percent sales tax, how much money should be refunded to each individual?

(A) $65 (B) $85 (C) $150 (D) $195 (E) $225

35. What was the original price of an item if a discount of 20 percent reduced the price to $100?

(A) $80    (B) $120 (C) $125 (D) $150 (E) $250

36. The price of an article of clothing was reduced from $25 to $20 the reduced price of the article was then increased by x percent to return it to $25?

Column A: x     Column B: 20

36.  A hardware store purchased identical snow shovels at a cost of $9 a piece and sold each of them for 20 percent above cost?

Column A: The price at which the hardware store sold each shovel      Column B: $10.80