We will learn how to calculate loss and loss percent.
If selling price is less than the cost price (S.P. < C.P.), there is a loss.
Loss = cost price  selling price
or, cost price = loss + selling price
Selling price = cost price  loss
Loss% → loss on $100 is called loss%
Loss percent is always calculated on cost price
So, loss% = loss/cost price × 100
Solved examples:
1. A dress was bought for $400 and sold $350. Find the loss and loss percent.
Solution:
Cost price = $400
Selling price = $350
Since, S. P. < C. P., there is loss
Therefore, loss = cost price  selling price
= $450  $350
= $50
So, loss% = loss/cost price × 100%
= 50/400 × 100%
= 25/2
= 12.5%
2. If the cost price of 20 electric goods is equal to the selling price of 25 electric goods, find loss per cent.
Solution:
Let cost price of 1 electric good = $1
Then cost price of 20 electric goods = $20
Also, cost price of 25 electric goods = $25
Since, selling price of 25 electric goods = cost price of 20 electric goods
Therefore, selling price of 25 electric goods = $20
Therefore, loss = cost price  selling price
= $25  $20
= $5
Therefore, loss% = loss/cost price × 100
= 5/25 × 100
= 20%
7th Grade Math Problems
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