Profit And Loss
Math MCQs

Question :    Bill sold a bicycle for $640. If he purchased it at $800, then calculate his loss and loss percent in this sale.

Correct Answer  Loss = $160 and Loss% = 20%

Solution & Explanation

Solution

Given, Cost price (CP) = $800

Sale price (SP) = $640

Therefore, loss and loss % = ?

Calculation of loss, when cost price and sale price is known

Loss = Cost Price – Sale Price

∴ Loss = $800 – $640

⇒ Loss = $160

Calculation of loss percent using formula, when loss and cost price is known

Loss% = ^{Loss × 100}/_{Cost price}

Here, Loss = $160

And, Cost Price = $800

∴ Loss% = ^{160 × 100}/₈₀₀

= ^{160 20}/₈ = 20%

⇒ Loss = 20%

Therefore, Loss = $160 and Loss% = 20% Answer

Calculation of Loss% using Unitary Method, when loss and cost price is known

Here, loss = $160

And, Cost Price = $800

∵ In $800, loss = $160

∴ In $1, loss = ¹⁶⁰/₈₀₀

∴ In $100, loss = ¹⁶⁰/₈₀₀ × 100

= ¹⁶⁰/₈₀₀ × 100

= ^{160 20}/₈ = 20%

⇒ Loss = 20%

Therefore, Loss = $160 and Loss% = 20% Answer

Similar Questions

(1) Mr. Donald loses 88% by selling an article for $511.20. For how much should he sell it to get a profit of 87%?

(2) Bill sold a bicycle for $640. If he purchased it at $800, then calculate his loss and loss percent in this sale.

(3) Find the cost price, if a trader gets a loss of 58% by selling two TV sets for $4792.20

(4) Calculate the earnings percentage if a vendor buys 54 articles for $1 and sells 53 articles for $1.

(5) A broker earns a profit of 310% by selling a house for $25051. Find the cost price.

(6) Find the cost price, if a trader gets a loss of 46% by selling 500 kg rice for $4865.40

(7) James loses 65% by selling an article for $1088.50. For how much should he sell it to get a profit of 64%?

(8) The cost price of an article is $12, and the sale price is $15. Find the profit and profit percent.

(9) A street seller buys 8 articles for $1 and sells 7 articles for $1. Find the profit percent in this sale.

(10) If a vendor bought 62 candies for $1 and sold 61 candies per $1 then find the profit percent.