Ravi purchased an old scooter for ₹ 12000 and spent ₹ 2850 on its overhauling. Then he sold it to his friend for ₹ 13860. How much percent did he gain or lose?
[3 MARKS]
Calculations: 1 Mark
Steps: 1 Mark
Answer: 1 Mark
Cost price = ₹ 12000, overhead charges = ₹ 2850
∴ Total cost price = ₹ (12000 + 2850) = 14850
Selling Price = ₹ 13860
Selling Price < Cost Price ⇒ Loss
∴ Loss = Cost price - Selling price
⇒ Loss = ₹ (14850-13860) = ₹ 990
Loss percentage = LossCost Price×100
Loss percentage = 99014850×100 = 6.7 %
So, Ravi incurred a loss of 6.7%.