Question

Madhu and Kavitha purchased a new house for $Rs.3,20,000$. Due to some economic problems they sold the house for $Rs.2,80,000$.
Find (i) the loss incurred. (ii) the loss percentage.

Answer 1

Cost Price $=3,20,000$

Selling Price $=2,80,000$

Loss$=S.P–C.P=280000-320000=40000$

Percent loss $=\frac{Loss}{C.P}\times 100=\frac{400000}{320000}\times 100=12.5$

$\therefore$ Loss is $40000$ and loss percentage is $12.5$%