Word Problems on Profit and Loss

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.

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.