A man bought an old car and spent 20% of the cost of repairs. If his total cost including repairs was $ 1,20,000, at what price did he buy the car?
Question
A man bought an old car and spent 20% of the cost of repairs. If his total cost including repairs was $ 1,20,000, at what price did he buy the car?
Solution
To solve this problem, we need to understand that the total cost of $120,000 includes the cost of the car and the cost of the repairs.
Step 1: We know that the cost of the repairs is 20% of the cost of the car. So, if we let the cost of the car be X, then the cost of the repairs is 0.20X.
Step 2: The total cost is the cost of the car plus the cost of the repairs. So, $120,000 = X + 0.20X.
Step 3: To simplify this equation, we can combine like terms to get $120,000 = 1.20X.
Step 4: To solve for X, we can divide both sides of the equation by 1.20. So, X = $120,000 / 1.20.
Step 5: Sol
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