A product is bought for $500 and sold for $450. What is the loss percentage? (20

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Question: A product is bought for $500 and sold for $450. What is the loss percentage? (2023)

Options:

Correct Answer: 20%

Exam Year: 2023

Solution:

Loss = Cost Price - Selling Price = 500 - 450 = 50. Loss Percentage = (Loss/Cost Price) * 100 = (50/500) * 100 = 10%.

A product is bought for $500 and sold for $450. What is the loss percentage? (2023)

A product is bought for $500 and sold for $450. What is the loss percentage? (2023)

Step 1: Identify the cost price of the product. In this case, it is $500.
Step 2: Identify the selling price of the product. In this case, it is $450.
Step 3: Calculate the loss by subtracting the selling price from the cost price. Loss = Cost Price - Selling Price = 500 - 450.
Step 4: Perform the subtraction: 500 - 450 = 50. So, the loss is $50.
Step 5: To find the loss percentage, use the formula: Loss Percentage = (Loss / Cost Price) * 100.
Step 6: Substitute the values into the formula: Loss Percentage = (50 / 500) * 100.
Step 7: Perform the division: 50 / 500 = 0.1.
Step 8: Multiply by 100 to get the percentage: 0.1 * 100 = 10%.
Step 9: Conclude that the loss percentage is 10%.

Loss Calculation – Understanding how to calculate loss by subtracting the selling price from the cost price.
Loss Percentage – Calculating the percentage of loss relative to the cost price.