Question

A used car firm pays 60,000 for a car, but, because of financial difficulties, has to sell it immediately
and receives only 49,200 for the sale. Find the loss incurred by the used car firm and express this los,
percentage of the cost price.
​

Answer 1

Given.

• Actual cost of a car (used) = 60000

• Sold immediately for 49200

To find.

• Percentage of loss

Solution.

• Actual cost is 60000 and selling price is 49200.

• Loss = 60000 - 49200 = 10800

• So it was a loss of 10800

• Thus loss percentage is
• = loss / cost * 100%
• = 10800 / 60000 * 100%
• = 18%

Answer.

• Therefore loss percentage is 18%.

Answer 2

Given:

• A used car firm pays 60,000 for a car, but because of financial difficulties, has to sell it immediately and receives only 49,200 for the sale.

ㅤ

Find:

• Find the loss incurred by the used car firm and express this loss, percentage of the cost price.

ㅤ

Using formula:

★ Loss = Cost price - Selling price.

★ Loss% = Loss/Cost price × 100

ㅤ

Calculations:

→ Loss = 60000 - 49200

→ Loss = 10800

ㅤ

Finding the loss percentage:

→ 10800/60000 × 100

→ 0.18 × 100

→ 18%

ㅤ

Therefore, 18℅ is the loss percentage.