Question

The selling price of an article is Rs. 2,300 and profit percentage is 25%. If the article is sold again for Rs.1,656, then what is the loss/gain percentage?
1. Loss 6.5%
2. Loss 10%
3. Gain 10%
4. Gain 6.25%

Answer 1

Correct Answer - Option 2 : Loss 10%

Given:

Selling Price 1 = Rs.2300 

Profit percentage = 25%

Selling Price 2 = Rs.1656 

Formulas used:

Selling Price = Cost Price × (100 + Profit)%

Loss = Cost Price - Selling Price

Loss Percentage = Loss/Cost Price × 100 

Calculation:

Cost Price = 2300 × 100%/(100 + 25)%

⇒ Rs.1840 

Loss = Rs.1840 - Rs.1656 = Rs.184 

∴ Loss percentage = 184/1840 × 100 

⇒ 10%