A person bought a bicycle for $120 and sold it for $90. What is the percentage l

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Question: A person bought a bicycle for $120 and sold it for $90. What is the percentage loss?

Options:

Correct Answer: 25%

Solution:

Loss = Cost Price - Selling Price = 120 - 90 = 30. Percentage Loss = (Loss/Cost Price) * 100 = (30/120) * 100 = 25%.

A person bought a bicycle for $120 and sold it for $90. What is the percentage loss?

A person bought a bicycle for $120 and sold it for $90. What is the percentage loss?

Step 1: Identify the cost price of the bicycle. The cost price is $120.
Step 2: Identify the selling price of the bicycle. The selling price is $90.
Step 3: Calculate the loss by subtracting the selling price from the cost price. Loss = Cost Price - Selling Price = 120 - 90.
Step 4: Perform the subtraction. Loss = 120 - 90 = 30.
Step 5: Calculate the percentage loss using the formula: Percentage Loss = (Loss / Cost Price) * 100.
Step 6: Substitute the values into the formula. Percentage Loss = (30 / 120) * 100.
Step 7: Perform the division. 30 divided by 120 equals 0.25.
Step 8: Multiply the result by 100 to find the percentage. 0.25 * 100 = 25.
Step 9: Conclude that the percentage loss is 25%.

Cost Price and Selling Price – Understanding the difference between the cost price (CP) and selling price (SP) is crucial for calculating profit or loss.
Loss Calculation – The loss is calculated by subtracting the selling price from the cost price.
Percentage Calculation – Calculating percentage loss involves dividing the loss by the cost price and multiplying by 100.