Rama sold a car costing ₹4,00,000 to Sansar at a loss of 20%. What is the selling price (in)?
Calculating the Car Selling Price with a Loss
This question asks us to find the selling price of a car when we know its original cost price and the loss percentage incurred during the sale.
Understanding the Terms
- Cost Price (CP): This is the original price Rama paid for the car, which is given as ₹4,00,000.
- Loss Percentage: This tells us how much value was lost relative to the cost price. Here, the loss is 20%.
- Selling Price (SP): This is the price at which Rama sold the car to Sansar. This is what we need to find.
Formula for Selling Price with Loss
When an item is sold at a loss, the selling price can be calculated using the cost price and the loss percentage. The formula is:
SP = CP × (1 - Loss Percentage)
In this formula:
SPis the Selling Price.CPis the Cost Price.Loss Percentageis the loss expressed as a decimal (e.g., 20% = 0.20).
Applying the Formula to Find the Selling Price
Let's use the given values in the formula:
- Cost Price (CP) = ₹4,00,000
- Loss Percentage = 20% = 0.20
Now, substitute these values into the formula:
SP = ₹4,00,000 × (1 - 0.20)
First, calculate the value inside the parenthesis:
1 - 0.20 = 0.80
Now, multiply the Cost Price by this value:
SP = ₹4,00,000 × 0.80
SP = ₹3,20,000
Conclusion
Therefore, Rama sold the car to Sansar for ₹3,20,000.
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Important Questions from Profit and Loss
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