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OpenStudy (anonymous):
The selling price of a car, $18560, was determined by calculating an 8% markup from the dealer's cost. What did the dealer pay for the car?
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OpenStudy (anonymous):
18560/1.08
OpenStudy (anonymous):
how did you do that
OpenStudy (anonymous):
Selling price = Dealer Cost + Mark Up => Selling Price = Dealer Cost + 8% of Dealer Cost (Mark Up = 8% of Dealer Cost) => Selling Price = (1+0.08) * Dealer Cost => Selling Price = 1.08 * Dealer Cost => Dealer Cost = Selling Price / 1.08
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