If a product is marked at $500 and sold at a 30% discount, what is the profit or

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Question: If a product is marked at $500 and sold at a 30% discount, what is the profit or loss if the cost price is $350?

Options:

Correct Answer: Profit of $50

Solution:

Selling Price = $500 - (30% of $500) = $500 - $150 = $350. Since Selling Price = Cost Price, there is no profit or loss.

If a product is marked at $500 and sold at a 30% discount, what is the profit or loss if the cost price is $350?

If a product is marked at $500 and sold at a 30% discount, what is the profit or loss if the cost price is $350?

Step 1: Identify the marked price of the product, which is $500.
Step 2: Calculate the discount amount by finding 30% of the marked price. This is done by multiplying $500 by 0.30.
Step 3: Calculate the discount amount: 30% of $500 = $500 * 0.30 = $150.
Step 4: Subtract the discount amount from the marked price to find the selling price. Selling Price = $500 - $150.
Step 5: Calculate the selling price: $500 - $150 = $350.
Step 6: Identify the cost price of the product, which is $350.
Step 7: Compare the selling price ($350) with the cost price ($350).
Step 8: Since the selling price is equal to the cost price, there is no profit or loss.

Discount Calculation – Understanding how to calculate the selling price after applying a discount.
Profit and Loss Calculation – Determining profit or loss by comparing selling price with cost price.