A man sells an article for $300 at a loss of 25%. What was the cost price?
Practice Questions
Q1
A man sells an article for $300 at a loss of 25%. What was the cost price?
$350
$400
$375
$300
Questions & Step-by-Step Solutions
A man sells an article for $300 at a loss of 25%. What was the cost price?
Step 1: Understand that the selling price is $300 and the man sold it at a loss of 25%.
Step 2: Let the cost price be represented as 'x'.
Step 3: Since he sold it at a loss of 25%, the selling price is 75% of the cost price. This can be written as: Selling Price = Cost Price - 25% of Cost Price.
Step 4: This means Selling Price = 0.75 * Cost Price, or 0.75x.
Step 5: We know the selling price is $300, so we can write the equation: 0.75x = 300.
Step 6: To find 'x', divide both sides of the equation by 0.75: x = 300 / 0.75.
Step 7: Calculate the right side: x = 400.
Step 8: Therefore, the cost price of the article is $400.
Cost Price and Selling Price – Understanding the relationship between cost price, selling price, and profit/loss percentage.
Percentage Calculations – Calculating percentages and their impact on financial transactions.
