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Question

Ravi purchased an old scooter for Rs.12000 and spent Rs.2850 on its overhauling. Then he sold it to his friend for Rs 13860. How much percent did he gain or lose?
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Solution

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Answer: 1 Mark

Cost price = Rs. 12000, overhead charges = Rs.2850

Total cost price = Rs (12000 + 2850) = 14850

Selling Price = Rs. 13860

Selling Price < Cost Price Loss

Loss = Cost price - Selling price

Loss = Rs (14850-13860) = Rs. 990


Loss percentage = LossCost Price×100

 Loss percentage = 99014850×100 = 6.7 %

So, Ravi incurred a loss of 6.7%.

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