Calculate Selling Price using Cost and Loss Percent
How to calculate selling price using cost and loss percent?
We know, selling price = cost price - loss
selling price = cost price - loss% × cost price/100
selling price = 100 × cost price - loss% × cost price/100
selling price = (100 - loss%)cost price/100, [Here, cost price and loss% are known.]
Solved examples will help us to find selling price when the cost price and loss% are known:
1. Shelly bought a dress for $150 and sold it to Jenny there by suffering a loss of 10%. Find the selling price of the dress.
Solution:
Given cost price = $150
Loss% = 10%
We know, selling price = (100 - loss%)cost price/100
= (100 - 10)150/100
= 90 × 150/100
= 9 × 15
= $135
Therefore, selling price of the dress is $135.
2. Mike bought a laptop for $800 and sold it to Jack there by suffering a loss of 12%. Find the selling price of the laptop.
Solution:
Given cost price = $800
Loss% = 12%
We know, selling price = (100 - loss%)cost price/100
= (100 - 12)800/100
= 88 × 800/100
= 88 × 8
= $724
Therefore, selling price of the laptop is $724.
3. By selling a chair for $372, Daisy loses 7%. At what price must she sell it to gain 10%.
Solution:
Given selling price = $ 372
Loss % = 7%
We know, cost price = selling price × 100/100 - loss%
Therefore, cost price = 372 × 100/100 - 7
= 372 × 100/93
= $400
Now cost price = $400
Gain% = 10%
Therefore, selling price = (100 + gain%)cost price/100
= (100 + 10)400/100
= 110 × 4
= $440 `7th Grade Math Problems
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