Mihir buys a book for ₹625. However, because of a certain urgency, he sells it for ₹550. Find his loss percentage.
Show answer & explanation
Correct answer: A
Explanation
The correct answer is option 1 i.e. 12%.
Given that
The cost price of a book = ₹625
The selling price of a book = ₹550
So, loss = C.P. - S.P. = 625 - 550 = ₹75
According to the question
Loss % = 75/625 × 100 = 12%