A man bought a car newly for ₦1,250,000. He had a crash with the car and later sold it at the rate of ₦1,085,000. What is the percentage gain or loss of the...

A man bought a car newly for ₦1,250,000. He had a crash with the car and later sold it at the rate of ₦1,085,000. What is the percentage gain or loss of the man?

Answer Details

The man bought the car for ₦1,250,000 and later sold it at the rate of ₦1,085,000, which means he incurred a loss of ₦165,000 (1,250,000 - 1,085,000). To calculate the percentage loss, we divide the loss amount by the original cost and multiply by 100: ₦165,000 ÷ ₦1,250,000 * 100 = 13.2% So, the man incurred a loss of 13.2%.