If a car is bought for $15,000 and sold for $12,000, what is the loss percentage

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Question: If a car is bought for $15,000 and sold for $12,000, what is the loss percentage?

Options:

Correct Answer: 20%

Solution:

Loss = 15000 - 12000 = 3000. Loss Percentage = (Loss/Cost Price) * 100 = (3000/15000) * 100 = 20%.

If a car is bought for $15,000 and sold for $12,000, what is the loss percentage?

If a car is bought for $15,000 and sold for $12,000, what is the loss percentage?

Step 1: Identify the cost price of the car, which is $15,000.
Step 2: Identify the selling price of the car, which is $12,000.
Step 3: Calculate the loss by subtracting the selling price from the cost price: $15,000 - $12,000 = $3,000.
Step 4: Calculate the loss percentage using the formula: (Loss / Cost Price) * 100.
Step 5: Substitute the values into the formula: (3000 / 15000) * 100.
Step 6: Simplify the calculation: 3000 divided by 15000 equals 0.2.
Step 7: Multiply 0.2 by 100 to get the loss percentage: 0.2 * 100 = 20%.

Loss Calculation – Understanding how to calculate the loss incurred when selling an item for less than its purchase price.
Loss Percentage – Calculating the percentage of loss relative to the original cost price.