Formulas of profit and loss are given below.
When the Selling Price (SP) is greater than Cost Price (CP) the man makes a Profit or Gain.Selling Price (SP) > Cost Price (CP) → Profit or Gain
Profit = Selling Price (SP) – Cost Price (CP)
If profit % is required to find then,
Profit % = (Profit/Cost Price) × 100
When the Selling Price (SP) is less than Cost Price (CP) the man suffers a Loss.
Selling Price (SP) < Cost Price (CP) → Loss
Loss = Cost Price (CP) - Selling Price (SP)
If loss % is required to find then,
Loss % = (Loss/CP) × 100
Depending on the formulas of profit and loss For let us consider some examples :
1. Mr. Smith bought a book for $ 85 and sold it for sold it for $ 115. Find his profit or loss percent.
Solution:
Cost Price (CP) = $ 85;
Selling Price (SP) = $ 115
Since SP > CP,
Therefore, Mr. Smith makes a profit.
Profit = Selling Price (SP) – Cost Price (CP)
= 115 – 85
= $ 30
Therefore, profit % = (Profit/Cost Price) × 100
= (30/85) x 100
= 35.29 %
Answers: 35.29 %
2. Mr. Brown bought a TV for $ 5800 and sold it for sold it for $ 7000. Find his profit or loss percent.
Solution:
Cost Price (CP) = $ 5800;
Selling Price (SP) = $ 7000
Since SP > CP,
Therefore, Mr. Brown makes a profit.
Profit = Selling Price (SP) – Cost Price (CP)
= 7000 – 5800
= $ 1200
Therefore, profit % = (Profit/Cost Price) × 100
= (1200/5800) x 100
= 20.69 %
Answers: 20.69 %
3. Robert bought pencils for $ 150.As they were of bad quality, he had to sell them for $ 127. Find his loss or gain percent.
Solution:
Cost Price (CP) = $ 150,
Selling Price (SP) = $ 127
Since SP < CP,
Therefore, Robert suffers a loss.
Loss = Cost Price (CP) – Selling Price (SP)
= 150 – 127
= $ 23
Therefore, loss % = (Loss/CP) × 100
= (23/150) × 100
= 15.33%
Answers: 15.33 %
4. Jack bought a pairs of shirt for $ 125 and sold them for $ 108. Find his loss or gain percent.
Solution:
Cost Price (CP) = $ 125,
Selling Price (SP) = $ 108
Since SP < CP,
Therefore, Jack suffers a loss.
Loss = Cost Price (CP) – Selling Price (SP)
= 125 – 108
= $ 17
Therefore, loss % = (Loss/CP) × 100
= (17/125) × 100
= 13.6 %
Answers: 13.6 %