A bicycle is bought for $300 and sold for $270. What is the loss percentage?

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Question: A bicycle is bought for $300 and sold for $270. What is the loss percentage?

Options:

Correct Answer: 15%

Solution:

Loss = Cost Price - Selling Price = 300 - 270 = 30. Loss Percentage = (Loss/Cost Price) * 100 = (30/300) * 100 = 10%.

A bicycle is bought for $300 and sold for $270. What is the loss percentage?

A bicycle is bought for $300 and sold for $270. What is the loss percentage?

Step 1: Identify the cost price of the bicycle, which is $300.
Step 2: Identify the selling price of the bicycle, which is $270.
Step 3: Calculate the loss by subtracting the selling price from the cost price: Loss = Cost Price - Selling Price = 300 - 270.
Step 4: Perform the subtraction: 300 - 270 = 30. So, the loss is $30.
Step 5: Calculate the loss percentage using the formula: Loss Percentage = (Loss / Cost Price) * 100.
Step 6: Substitute the values into the formula: Loss Percentage = (30 / 300) * 100.
Step 7: Perform the division: 30 / 300 = 0.1.
Step 8: Multiply by 100 to find the percentage: 0.1 * 100 = 10%.
Step 9: Conclude that 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.