Business and Finance word problems (mark-up on car)

[zhyia]

A car is marked down from 31,500 to 29,137.50. What was he discount rate?

31,500.00
-29,137.50

=2362.50 in savings

31,500/7.5%=2362.50

So the total discount rate should =7.5%

 

[jonboy]

Yes you are correct. To check:

31,500 * .075 = x