A shopkeeper marked the price 20% more than its cost price. If he allows a discount of 30%, then find his loss percent.
Show answer & explanation
Correct answer: B
Explanation
The correct answer is option 2 i.e. 16%.
Let the cost price of the item (CP) = ₹100
Marked Price (MP) = 100 + 20 = ₹120
Discount = (30/100) × 120 = ₹36
Selling Price (SP) = 120 - 36 = ₹84
Loss = Cost Price (CP) - Selling Price (SP) = 100 - 84 = ₹16
Therefore, the shopkeeper's loss percentage is 16%.