The marked price of a chair is 10 percent more than its cost price. If the chair is sold for Rs. 300 after a discount of Rs. 140, then what will be the loss percentage?
Show answer & explanation
Correct answer: C
Explanation
The correct answer is option 3 i.e. 25 percent.
Calculations:
Let the cost price of the article be 100x.
Marked price = 110% of 100x = 110x
We know that,
Selling price = 300
Discount = 140
Marked price = Selling price + Discount
⇒ Marked price = 300 + 140 = 440
According to the question;
⇒ 110x = 440
⇒ x = 4
Cost price = 100x = 400
Loss = Cost price - Selling price
⇒ Loss = 400 - 300 = 100
Hence, required loss % = (Loss/Cost price) × 100
⇒ (100/400) × 100
⇒ 25%