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?
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Solution

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Cost price = ₹ 12000, overhead charges = ₹ 2850

$∴$ Total cost price = ₹ (12000 + 2850) = 14850

Selling Price = ₹ 13860

Selling Price < Cost Price $\Rightarrow$ Loss

$∴$ Loss = Cost price - Selling price

$\Rightarrow$ Loss = ₹ (14850-13860) = ₹ 990

Loss percentage = $\frac{L o s s}{C o s t P r i c e} \times 100$

Loss percentage = $\frac{990}{14850} \times 100$ = 6.7 %

So, Ravi incurred a loss of 6.7%.

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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]

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]