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) A shopkeeper gets a loss of 5% by selling some fruits for $769.50. Find the cost price of the furits.

(2) A dealer loses 28% by selling some articles for $907.20. For how much should he sell them to get a profit of 27%?

(3) William loses 72% by selling an article for $968.80. For how much should he sell it to get a profit of 71%?

(4) Mr. Bobby earns a profit of 120% by selling a TV set for $5082. What was the cost price of the TV set?

(5) Mr. Oliver loses 83% by selling an article for $681.70. For how much should he sell it to get a profit of 82%?

(6) A peddler purchased 25 apples per $1 and sold them at a rate of 24 apples per $1. What will be the profit percent?

(7) Bill sold his secondhand motorcycle for $512.50. In this sale, he got a profit of 25%. For how much amount had he purchased the motorcycle?

(8) A trader earns a profit of 170% by selling an article for $8937. Find the cost price.

(9) Find the cost price, if a trader gets a loss of 12% by selling some of his stock of fruits for $1944.80. Find the cost price of those stock.

(10) Find the cost price, if a trader earns a profit of 265% by selling an article for $19016.5