John bought a car for $20,000. He sold it for a 30% profit. From the money raised from this sale, he bought another more expensive car, which unfortunately he had to sell for a 30% loss. What was his overall profit or loss?
So, after doing the math - John made a profit of $6,000 on his first car, and then had a loss of $7,800 on his first car. Taking the difference between these numbers, we get a loss of $1,800. =)
