A car dealer bought a second-hand car for 250,000 and spent N 70,000 refurbishing it. He then sold the car for N400,000. What is the percentage gain?

A.

60%

B.

32%

C.

25%

D.

20%

Correct answer is C

Total Cost Price = N(250,000 + 70,000)

= N 320,000

Selling Price = N 400,000(Given)

Gain = Selling Price - Cost Price

= 400,000 - 320,000

= 80,000

% gain = \(\frac{\text{Gain}}{\text{Cost Price}}\) × 100

= \(\frac{80,000}{320,000}\) × 100

Gain % = 25%