A person bought a bicycle for $200 and sold it for $180. What is the percentage

A person bought a bicycle for $200 and sold it for $180. What is the percentage loss?

A person bought a bicycle for $200 and sold it for $180. What is the percentage loss?

Step 1: Identify the cost price of the bicycle. The cost price is $200.
Step 2: Identify the selling price of the bicycle. The selling price is $180.
Step 3: Calculate the loss by subtracting the selling price from the cost price. Loss = Cost Price - Selling Price = 200 - 180.
Step 4: Perform the subtraction. Loss = 20.
Step 5: Calculate the percentage loss using the formula: Percentage Loss = (Loss / Cost Price) * 100.
Step 6: Substitute the values into the formula: Percentage Loss = (20 / 200) * 100.
Step 7: Perform the division: 20 / 200 = 0.1.
Step 8: Multiply by 100 to find the percentage: 0.1 * 100 = 10%.
Step 9: Conclude that the percentage loss is 10%.

Cost Price and Selling Price – Understanding the difference between the cost price (the price at which an item is bought) and the selling price (the price at which an item is sold) is crucial for calculating profit or loss.
Loss Calculation – Calculating loss involves subtracting the selling price from the cost price to determine how much was lost in the transaction.
Percentage Calculation – Calculating percentage loss requires dividing the loss by the cost price and multiplying by 100 to express it as a percentage.