An article when sold for ₦230.00 makes a 15% profit. Find the profit or loss % if it was sold for ₦180.00

Answer Details

To find the profit or loss percentage, we need to compare the selling price to the cost price. Let's call the cost price of the article C.

We know that when the article is sold for ₦230.00, it makes a 15% profit. Profit is calculated by subtracting the cost price from the selling price. So, we can write the equation:

Selling Price - Cost Price = Profit

₦230.00 - C = 15% of C

Since we want to find the profit or loss percentage when the article is sold for ₦180.00, we can use the same equation:

₦180.00 - C = x% of C

where x is the profit or loss percentage we want to find.

Now, let's solve these equations to find the value of C and x.

From the first equation:

₦230.00 - C = 0.15C

₦230.00 = 0.15C + C

₦230.00 = 1.15C

To solve for C:

C = ₦230.00 / 1.15

C = ₦200.00

Now, let's substitute the value of C into the second equation:

₦180.00 - ₦200.00 = x% of ₦200.00

-₦20.00 = x% of ₦200.00

To solve for x:

x% = (-₦20.00 / ₦200.00) * 100

x% = -10%

Therefore, when the article is sold for ₦180.00, it results in a 10% loss.