JAMB - Commerce (2025 - No. 38)
Use the following information below to answer the question
Ojo bought a bicycle for ₦20,000, and repaired it at a cost of ₦5,000. He then sold the bicycle for ₦30,000
What was his net profit?
Ojo bought a bicycle for ₦20,000, and repaired it at a cost of ₦5,000. He then sold the bicycle for ₦30,000
What was his net profit?
₦5,000
₦15,000
₦35,000
₦25,000
Explanation
The net profit is calculated by subtracting the total cost (purchase price + repair cost) from the selling price. In this case, Ojo
bought the bicycle for #20,000 and spent ₦5,000 on repairs, making the total cost #25,000. He then sold the bicycle for ₦30,000.
Therefore, his net profit is ₦30,000 - ₦25,000 = ₦5,000.
bought the bicycle for #20,000 and spent ₦5,000 on repairs, making the total cost #25,000. He then sold the bicycle for ₦30,000.
Therefore, his net profit is ₦30,000 - ₦25,000 = ₦5,000.
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