the selling price of a refrigerator is $661.25. if the markup is 25% of the dealers cost, what is the…
the selling price of a refrigerator is $661.25. if the markup is 25% of the dealers cost, what is the dealers cost of the refrigerator?
Answer
Explanation:
Step1: Let the dealer's cost be $x$.
The selling - price is the sum of the dealer's cost and the markup. The markup is 25% of the dealer's cost, so the selling price is $x + 0.25x=1.25x$.
Step2: Set up the equation.
We know that the selling price is $661.25$, so $1.25x = 661.25$.
Step3: Solve for $x$.
Divide both sides of the equation by 1.25: $x=\frac{661.25}{1.25}=529$.
Answer:
$529$