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 his loss percentage of the cost price.
Answers
Step-by-step explanation:
Given : Cost price of car = ₹60,000
Price at which car was sold = ₹ 49,200
To find : Loss incurred and
Loss percentage
Solution : Cost price of car = ₹60,000
Price at which car was sold = ₹ 49,200
Loss incurred by the used car firm
= cost price - selling price
= ₹60,000 - ₹49,200
= ₹10,800
Loss percentage of the cost price
= (Loss incurred ÷ Cost price) ×100
= ( (cost price - selling price)÷ cost price)×100
= ( ( 60,000 - 49,200 ) ÷ 60,000 ) ×100
= ( 10,800 ÷ 60,000) ×100
= 0.18× 100
= 18 %
Ans- The loss incurred by the used car firm is ₹ 10,800 and loss percentage of the cost price is 18%