Question

A man bought an old bicycle for Rs. 1,500. He spends Rs. 500 on its repair and sells it for Rs. 1,800. Find the percentage of his loss.
1. 10%
2. 15%
3. 20%
4. 5%

Answer 1

Correct Answer - Option 1 : 10%

Given:

Cost of old bicycle = Rs. 1500

Spends on repair of bicycle = Rs. 500

Selling price of old bicycle = Rs. 1800

Formula used:

Loss% = Loss/CP × 100

Calculation:

CP of old bicycle = (1500 + 500) = Rs. 2000

SP of old bicycle = Rs. 1800

Loss = Rs. (2000 – 1800)

⇒ 200

Loss% = 200/2000 × 100

⇒ 10%

∴ The percentage of his loss is 10%