A house bought for N100,000 was later auctioned for N80,000. Find the loss percent.
Answer Details
The loss is calculated by finding the difference between the selling price (N80,000) and the cost price (N100,000):
Loss = Cost price - Selling price = N100,000 - N80,000 = N20,000
To find the loss percentage, we divide the loss by the cost price and then multiply by 100:
Loss % = (Loss/Cost price) x 100% = (N20,000/N100,000) x 100% = 20%
Therefore, the loss percentage is 20%. Option A is the correct answer.