Question

Sohan bought a second-hand refrigerator for Rs.2,500, then spent Rs.500 on its repair and sold it for Rs.3,300. Find his loss or gain %.

Answer 1

Hint - The cost price for the refrigerator is Rs.2,500 + Rs.500 because he spent Rs.500 on the repairing. Then Selling Price is given, using that we can find the profit or loss and then the percentage of gain or loss.

Complete step-by-step answer:
Given the price at which Sohan bought the refrigerator is Rs.2500.
Money spent on repairing Rs.500.
So, total cost price of the refrigerator is 2,500 + 500 = Rs.3,000
Now the Selling price is given as Rs.3,300.
So, we can see that the selling price (SP) > cost price (CP), so there is profit.
Therefore, profit or gain % is $\dfrac{{SP - CP}}{{CP}} \times 100$
Therefore, putting the values of SP and CP we get-
$
  P\% = \dfrac{{SP - CP}}{{CP}} \times 100\% \\
   = \dfrac{{3300 - 3000}}{{3000}} \times 100 \\
   = \dfrac{{300}}{{3000}} \times 100 = 10\% \\
 $
Hence, the gain % is 10 %.

Note – Whenever such types of questions appear, then write down the information given in the question. Then find out the total money spent by Sohan which will be the cost price, selling price is given in the question, if selling price is more than cost price then gain. After finding out the value of gain, find the gain percent. Remember one thing for gain or loss percentage CP will be reference for percentage.