Question

Shyam bought an old car for Rs 72000 and spent rupees 8000 on its repair he later sold it for rupees 9500 find his gain percent

Answer 1

Hey there!

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Question: Shyam bought an old car for Rs 72000 and spent rupees 8000 on its repair he later sold it for rupees 9500 find his gain percent

Solution:

When there's an extra charge like cost of repairs it is told to be added to the cost price as an overhead charge (OC).

Total cost price = Overhead charge + 72000

= 8000 + 72000

= 80000

Selling Price: 9500

Since Selling Price < Cost Price

There's not a gain but a Loss.

To find Loss we have the formula

L = CP - SP (CP stands for cost price, SP for selling price and L for loss)

L = 80000 - 9500

= 70500

Now to find Loss Percentage we have a formula:

L% = Loss / CP * 100

= 70500/80000*100

= 88.12%

Therefore, The loss is 88.12%.

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Hope this Helps!