Ratnesh purchased a bike for Rs.64,000 and sold it for Rs.60,000. What is the percentage loss faced by Ratnesh?
Show answer & explanation
Correct answer: A
Explanation
The correct answer is Option 2 i.e. 6.25%.
Ratnesh purchased a bike for = Rs.64,000 and sold it for = Rs.60,000
C.P. = Rs.64000
S.P. = Rs.60000
C.P. > S.P. = Loss
⇒ Loss% = (C.P. - S.P.)/C.P. × 100
⇒ Loss% = (64000 - 60000)/60000 × 100
⇒ Loss% = 4000/60000 × 100
⇒ Loss% = 6.25%