Question

Arun bought an iron box for rupees 960 and sold it to Varun and made a profit of 5%. If Bhavan bought it from Varun for rupees 957.60, then find the loss percentage in the deal.

Answer 1

Hint: The question is related to profit and loss. First, we have to find the cost price for Varun of an iron box.
Use the formula of selling price for finding the cost price $sp = cp + profit$ add the profit in the formula and subtract the loss.

Complete step by step answer:
We have
The cost price of an iron box for Arun = 960
The selling price of an iron box for Arun
$sp = cp + profit$
We have to add the profit because Arun sold an iron box to Varun and made a profit of 5%
First, we have to find 5% of the cost price
$ = \dfrac{5}{{100}} \times 960$
$ = 48$
Now put the percentage value in the formula
$\Rightarrow sp = 960 + 48$
$\Rightarrow sp = 1008$
Arun sold an iron box at Rs.1008 to Varun
Now the overall loss or profit is
When Bhavan bought it from Varun for Rs.957.60
Loss percentage for Varun
$ = \dfrac{{{\text{sp for Varun - sp for Bhavan}}}}{{{\text{sp for Varun}}}} \times 100$
Put the values in the above formula
$ = \dfrac{{1008 - 975.60}}{{1008}} \times 100$
Solve the numerator and denominator part
$ = \dfrac{{32.4}}{{1008}} \times 100$
When we solve the above equation we get the answer is 5%.

Hence the percentage of total loss is 5%.

Note:
Here students mostly confuse between the cost price and the selling price. First, solve the profit part and find the selling price for Varun. Do the calculation part correctly. For finding the percentage don’t forget to multiply the answers by 100.