Formulas of Profit and Loss
Formulas of profit and loss are given below.
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 %
To find Cost Price or Selling Price when Profit or Loss is given.
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