John sold a car for 60000 and made a profit of 20% what was the cost price

Cost price = $ 50000

Step-by-step explanation:

● Cost price = 100%

● Percentage profit = 20%

● Selling price = 100% + 20% = 120%

If 120% = $ 60000,

What about 100% = ?

= (100 x 60000) : 120

= 6000000 : 120

= $ 50000

Cost price = 50000

Selling price = 60000

Profit = 10000

50000

Step-by-step explanation:

60,000•100/100+20

=60,000•100/120

=50,000