A car is bought for $20,000 and sold for $18,000. What is the loss percentage?

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Question: A car is bought for $20,000 and sold for $18,000. What is the loss percentage?

Options:

Correct Answer: 10%

Solution:

Loss = Cost Price - Selling Price = 20000 - 18000 = 2000. Loss Percentage = (Loss/Cost Price) * 100 = (2000/20000) * 100 = 10%.

A car is bought for $20,000 and sold for $18,000. What is the loss percentage?

A car is bought for $20,000 and sold for $18,000. What is the loss percentage?

Step 1: Identify the cost price of the car, which is $20,000.
Step 2: Identify the selling price of the car, which is $18,000.
Step 3: Calculate the loss by subtracting the selling price from the cost price: $20,000 - $18,000.
Step 4: The loss is $2,000.
Step 5: To find the loss percentage, divide the loss by the cost price: $2,000 / $20,000.
Step 6: Calculate the result of the division: 0.1.
Step 7: Convert the result into a percentage by multiplying by 100: 0.1 * 100.
Step 8: 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.