A person sold a laptop for $1200 at a loss of 20%. What was the cost price?

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Question: A person sold a laptop for $1200 at a loss of 20%. What was the cost price?

Options:

Correct Answer: $1500

Solution:

Let Cost Price = x. Selling Price = x - 20% of x = 0.8x. 0.8x = 1200. x = 1200/0.8 = 1500.

A person sold a laptop for $1200 at a loss of 20%. What was the cost price?

A person sold a laptop for $1200 at a loss of 20%. What was the cost price?

Step 1: Understand that the selling price of the laptop is $1200.
Step 2: Know that the person sold the laptop at a loss of 20%.
Step 3: Recognize that selling at a loss of 20% means the selling price is 80% of the cost price.
Step 4: Let the cost price be represented as 'x'.
Step 5: Write the equation for the selling price: Selling Price = Cost Price - Loss = x - 0.2x = 0.8x.
Step 6: Set up the equation: 0.8x = 1200.
Step 7: To find 'x', divide both sides of the equation by 0.8: x = 1200 / 0.8.
Step 8: Calculate the value: x = 1500.
Step 9: Conclude that the cost price of the laptop is $1500.

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.