A merchant bought a bicycle for $500 and sold it for $450. What is the loss perc

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Question: A merchant bought a bicycle for $500 and sold it for $450. What is the loss percentage?

Options:

Correct Answer: 10%

Solution:

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

A merchant bought a bicycle for $500 and sold it for $450. What is the loss percentage?

A merchant bought a bicycle for $500 and sold it for $450. What is the loss percentage?

Step 1: Identify the cost price of the bicycle. The cost price is $500.
Step 2: Identify the selling price of the bicycle. The selling price 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. Loss = $500 - $450 = $50.
Step 5: Calculate the loss percentage using 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.