Math word problems on profit and loss will help us to review worked-out examples using the formula of profit and loss as a percentage of cost price/sale price.
Word Problems on Profit and Loss
1. By selling 33 m of carpet, a man loses an amount equal to the selling price of 3 m of carpet. Find his gain or loss per cent.
Solution:
Loss = (CP of 33 m) - (SP of 33 m)
⇒ (SP of 3 m) = (CP of 33 m) - (SP of 33 m)
⇒ (SP of 33 m) + (SP of 3 m) = (CP of 33 m)
⇒ (SP of 36 m) = (CP of 33 m).
Let the CP of 1 m be $ x.
Then, CP of 36 m = $ 36x
SP of 36m = (CP of 33m) = $ 33x.
Thus, CP = $ 36x and SP = $ 33x.
Since, (CP) > (SP), there is a loss.
Loss = $ (36x - 33x) = $ 3x.
Loss% = [(loss/CP) × 100]%
= [(3x/36x) × 100] %
= 25/3%
= 8¹/₃%
2. Ronald buys a geyser for $ 3680 and sells it at a gain of 7¹/₂%. For how much does he sell it?
Solution:
CP of the geyser = $ 3680.
Gain % = 7¹/₂% = 15/2%.
Therefore, SP of the geyser = [{(100 + gain %)/100} × CP]
= $ [{(100 + ¹⁵/₂)/100} × 3680]
= $ {(215/200) × 3680}
= $ 3956
Hence, Ronald sells the geyser for $ 3956.
More solved examples for eighth grade math word problems on profit and loss formula for finding cost price and selling price.
Word Problems on Profit and Loss
3. Jenny buys a calculator for $ 720 and sells it at a loss of 6²/₃)%. For how much does she sell it?
Solution:
CP of the calculator = $ 720.
Loss % = 20/3%
SP of the calculator = [{(100 - Loss %)/100} × CP]
= $ [{(100 - 20/3)/100} × 720]
= $ {(280/300) × 720}
= $ 672
Hence, Jenny sells it for $ 672.
4. On selling of fan for $ 810, Sam gains 8%. For how much did he purchase it?
Solution:
SP of the fan = $ 810, gain % = 8%.
Therefore, CP of the fan = {100/(100 + gain %) × SP}
= $ {100/(100 + 8) × 810}
= $ {(100/108) × 810}
= $ 750
Hence, Sam purchased the fan for $ 750.
5. On selling a table for $ 987, Ron loses 6%. For how much did he purchase it?
Solution:
SP of the table = $ 987, loss % = 6%.
Therefore, CP of the table = {100/(100 - loss %) × SP}
= $ {100/(100 - 6) × 987}
= $ (100/94) × 987
= $ 1050
Hence, Ron purchased the table for $ 1050.
Practice word problems on profit and loss will help the students to review the questions to calculate profit % and loss % before solving the worksheet on profit and loss.
6. On selling a bat for $ 371, a man gains 6%. For how much should he sell it to gain 8%?
Solution:
SP of the bat = $ 371, gain % = 6%.
Therefore, CP of the bat = {100/(100 + gain %) × SP}
= $ {100/(100 + 6) × 371}
= $ {(100/106) × 371}
= $ 350
Now, CP = $ 350 and the desired gain% = 8%.
Therefore, SP = [{(100 + gain %)/100} × CP]
= $ [{(100 + 8)/100} × 350]
= $ {(108/100) × 350}
= $ 378
Hence, the selling price to obtain the desired gain is $ 378.
7. By selling a Jeans for $ 432, John loses 4%. For how much should John sell it to gain 6%?
Solution:
SP of the shirt = $ 432.
Loss = 4%
Therefore, CP of the shirt = {100/(100 - loss %) × SP}
= $ {100 /(100 - 4) × 432}
= $ {(100/96) × 432}
= $ 450
Now, CP = $ 450, desired gain % = 6%.
Desired SP = [{(100 + gain %)/100} × CP]
= $ [{(100 + 6)/100} × 450]
= $ {(106/100) × 450}
= $ 477.
Hence, the desired selling price is $ 477.
● Profit, Loss and Discount
Calculating Profit Percent and Loss Percent
Word Problems on Profit and Loss
Examples on Calculating Profit or Loss
Practice Test on Profit and Loss
Practice Test on Profit Loss and Discount
● Profit, Loss and Discount - Worksheets
Worksheet to Find Profit and Loss
Worksheets on Profit and Loss Percentage
Worksheet on Gain and Loss Percentage
7th Grade Math Problems
8th Grade Math Practice
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