A man bought a car for ₦800 and sold it for ₦520. Find his loss per cent
Question 1 Report
A man bought a car for ₦800 and sold it for ₦520. Find his loss per cent
Answer Details
The loss percentage can be calculated as follows:
Loss percentage = (Loss / Cost price) x 100
Here, the cost price of the car is ₦800, and the selling price is ₦520. Since the selling price is less than the cost price, the man has incurred a loss.
Loss = Cost price - Selling price
Loss = ₦800 - ₦520
Loss = ₦280
Substituting the values in the formula:
Loss percentage = (280 / 800) x 100
Loss percentage = 0.35 x 100
Loss percentage = 35%
Therefore, the man incurred a loss of 35%.
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