GMAT Problem Solving

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Source: PREP

Level: 2

A used-car dealer sold one car at a profit of 25 percent of the dealer's purchase price for that car and sold another car at a loss of 20 percent of the dealer's purchase price for that car. If the dealer sold each car for $20,000, what was the dealer's total profit or loss, in dollars, for the two transactions combined?

  • A $1,000 profit
  • B $2,000 profit
  • C $1,000 loss
  • D $2,000 loss
  • E $3,334 loss

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