A bicycle is bought for $150 and sold for $120. What is the loss percentage?

₹0.0

Question: A bicycle is bought for $150 and sold for $120. What is the loss percentage?

Options:

Correct Answer: 20%

Solution:

Loss = Cost Price - Selling Price = 150 - 120 = 30. Loss Percentage = (Loss/Cost Price) * 100 = (30/150) * 100 = 20%.

A bicycle is bought for $150 and sold for $120. What is the loss percentage?

A bicycle is bought for $150 and sold for $120. What is the loss percentage?

Step 1: Identify the cost price of the bicycle, which is $150.
Step 2: Identify the selling price of the bicycle, which is $120.
Step 3: Calculate the loss by subtracting the selling price from the cost price: Loss = Cost Price - Selling Price = 150 - 120.
Step 4: Perform the subtraction: 150 - 120 = 30. So, the loss is $30.
Step 5: To find the loss percentage, use the formula: Loss Percentage = (Loss / Cost Price) * 100.
Step 6: Substitute the values into the formula: Loss Percentage = (30 / 150) * 100.
Step 7: Calculate the division: 30 / 150 = 0.2.
Step 8: Multiply by 100 to find the percentage: 0.2 * 100 = 20%.
Step 9: Conclude that the loss percentage is 20%.

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.