A man bought a bicycle for $300 and sold it at a loss of 10%. What is the sellin

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Question: A man bought a bicycle for $300 and sold it at a loss of 10%. What is the selling price?

Options:

Correct Answer: $270

Solution:

Loss = 10% of 300 = 0.10 * 300 = $30. Selling Price = Cost Price - Loss = 300 - 30 = $270.

A man bought a bicycle for $300 and sold it at a loss of 10%. What is the selling price?

A man bought a bicycle for $300 and sold it at a loss of 10%. What is the selling price?

Step 1: Identify the cost price of the bicycle, which is $300.
Step 2: Calculate the loss percentage, which is 10%.
Step 3: Convert the percentage to a decimal by dividing by 100. So, 10% becomes 0.10.
Step 4: Calculate the actual loss amount by multiplying the cost price by the decimal. So, Loss = 0.10 * 300.
Step 5: Perform the multiplication: 0.10 * 300 = $30. This is the loss amount.
Step 6: Calculate the selling price by subtracting the loss from the cost price. So, Selling Price = Cost Price - Loss.
Step 7: Substitute the values: Selling Price = 300 - 30.
Step 8: Perform the subtraction: 300 - 30 = $270. This is the selling price.

Percentage Loss Calculation – Understanding how to calculate a percentage loss from a cost price.
Selling Price Calculation – Knowing how to determine the selling price after applying a loss to the cost price.