Profit And Loss
Math MCQs

Question :    Mike sold his car at a profit of 25%. If he purchased that car at $2500 then find the sale price of the car.

Correct Answer  Sale Price = $3125

Solution & Explanation

Solution

Given, Cost Price = $2500

Profit % = 25%

Therefore, Sale Price = ?

Calculation of Sale Price after calculation of profit

Calculation of profit when cost price and profit% are given

Profit = Cost Price × Profit%

= $2500 × 25%

= 2500 × ²⁵/₁₀₀

= 2500 25 ²⁵/₁₀₀

= 25 × 25 = $625

Thus, profit = $625

Calculation of Sale Price when profit and Cost Price is known

Sale Price = Cost Price + Profit

= $2500 + $625 = $3125

Thus, Sale Price of the car = $3125 Answer

Shortcut Trick to calculate Sale Price when cost price and profit percent are known

Here, Cost Price = $2500

And profit = 25%

Therefore, Sale Price = Cost Price + (Profit% of Cost Price)

= 2500 + (25% of 2500)

= 2500 + (²⁵/₁₀₀ × 2500 25)

= 2500 + (25 × 25)

= 2500 + 625 = $3125

Thus, Sale Price = $3125 Answer

Calculation of Sale Price (SP) using formula when Cost Price (CP) and profit percent are given

Sale Price (SP) = ^{100 + profit%}/₁₀₀ × Cost Price

= ^{100 + 25}/₁₀₀ × 2500

= ¹²⁵/₁₀₀ × 2500 25

= 125 × 25 = $3125

Therefore, Sale Price = $3125 Answer

Similar Questions

(1) Mike sold his car at a profit of 25%. If he purchased that car at $2500 then find the sale price of the car.

(2) If a hawker bought 63 candies for $1 and sold them at a rate of 62 candies per $1 then, find the profit percent.

(3) Mr. James gets a profit of 180% by selling a plot for $9828. Find the cost price of that plot.

(4) How much percent will a hawker earn, if he buys 34 articles for $1 and sells 33 articles for $1?

(5) Mr. Donald loses 86% by selling an article for $582.40. For how much should he sell it to get a profit of 85%?

(6) Peter loses 32% by selling an article for $992.80. For how much should he sell it to get a profit of 31%?

(7) Find the cost price, if a trader gets a loss of 54% by selling 100 bags of mobile covers for $4880.60

(8) A shopkeeper loses 22% by selling an article for $748.80. For how much should he sell it to get a profit of 21%?

(9) After selling an article for $282.10, a shopkeeper gets a loss of 9%. Thus, to earn a profit of 8% he should sell it at which price?

(10) A shopkeeper earns a profit of 50% by selling an article for $1365. Find the cost price of the article.