A mobile phone dealer buys a phone for ₹10,000 and sells it for ₹12,000. Later, he realizes thet he could have sold it for ₹13,000. What is the percentage loss that he incurs?
Show answer & explanation
Correct answer: A
Explanation
The correct answer is option 1 i.e. 10%.
Potential Profit = 13000 - 10000 = 3000
Actual Profit = 12000 - 10000 = 2000
Loss = 3000 - 2000 = 1000
Loss percentage = (1000/10000) × 100 = 10%