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...
Question 1 Report
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%.
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