A person purchased a refrigerator for Rs. 18000. After two years, he spent Rs. 2500 on its repair and sold it for Rs. 12300. The percentage loss is:
Show answer & explanation
Correct answer: C
Explanation
The correct answer is option 3 i.e. 40%.
Given:
A person purchased a refrigerator for Rs. 18000.
After two years, he spent Rs. 2500 on its repair and sold it for Rs. 12300
Formula used:
Loss = Cost price - Selling price ----- (1)
Loss% = (Loss/Cost price) × 100 ----- (2)
Calculations:
Total cost price = 18000 + 2500 = 20500
Selling price = 12300
Loss = 20500 - 12300 = 8200
Using equation (2), we get
Loss% = (8200/20500) × 100
⇒ 40%