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**Hint:**In the given question we are given that a person has bought an old bicycle for some amount and he spent some amount on repairing it and he also sold that same bicycle at some amount and we have to find profit and profit percent to solve such type of question. First we will find the total cost price by adding overhead expenses in cost price. And after finding the total cost price we will find the profit. And after that we will find the profit percent by using the following formulas

**Formula used:*** Total cost price\[ = \] cost price\[ + \]overhead expenses

* Profit is given by subtracting cost price from selling price

* Profit percentage \[ = \] profit \[ \times 100\]/cost price

**Complete step by step solution:**

Step1: We are given that Ram bought an old bicycle at INR$1050$ and he spent INR$150$ on repairing it. Firstly we will find the total cost price of the bicycle.

Total cost price= cost price + overhead expenses

Here cost price= INR$1050$ and overhead expenses=INR$150$.

Substituting the values in the formula we will get:

C.P.$ = 1050 + 150$

\[ = \]INR$1200$

Step2: Now we will find the profit earned by Ram. By using

Profit \[ = \] S.P. \[ - \] C.P.

Here S.P. \[ = \] INR$1320$; C.P. \[ = \] INR$1200$

Substituting the values in the formula we will get:

Profit \[ = \]$1320 - 1200$

\[ = \]INR$120$

Step3: Now we will find the profit percentage by using the formula

* Profit percentage \[ = \] profit \[ \times 100\]/cost price

Here profit \[ = \] INR$120$, C.P. \[ = \] INR$1200$

Substituting the value in the formula we will get:

Profit percentage$ = \dfrac{{120}}{{1200}} \times 100$

On solving the equation we will get:

Profit percentage $ = 10\% $

**Hence the profit is INR$120$ and profit percentage is $10\% $**

**Note:**In such types of questions students mainly do mistakes by solving the question without finding the total C.P. They consider the given amount of purchase as C.P. but the C.P. includes the amount of purchase and other extra repairing charges because the other expenses also come in the C.P. part. So always remember that while solving such questions first find the total C.P. then proceed further. To find profit or loss we have to check C.P. and S.P. If C.P. is greater than S.P. then it is loss and if S.P. is greater than it is profit. By keeping in mind these concepts we can easily solve these questions.

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