Robin purchased an old car for Rs.73500. He spent Rs.10300 on repairs and paid Rs.2600 for its insurance. Then he sold it to a mechanic for Rs.84240. What was his percentage gain or loss?

Question

Philoid · Accepted Answer

Actual Price of an old car = Purchase Price + Overheads (Like Repairing Cost, Insurance)

= 73500 + 10300 + 2600

= 86400

Cost Price (CP) = Rs.86400

Selling Price (SP) = Rs.84240

Since, CP > SP. So, this will be considered as Loss.

Loss = CP – SP

= 86400 – 84240

= 2160

Hence,

= 2.5%

So, Loss percent is 2.5%