Math՚s: Percent: Application of Percent-Profit and Loss and Discount (For CBSE, ICSE, IAS, NET, NRA 2022)

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Profit and Loss

Traders apply the concept of percent to compute their profit or loss relative to their cost price. The following terms and formulae are worth noting to understand the application of percent in profit & loss.

  • Cost Price (CP) - It is the price at which an article is purchased.
  • Selling Price (SP) - It is the price at which an article is sold.
  • Profit or Gain- It is the excess of SP over CP. It is calculated as-

  • Loss- It is the excess of CP over SP. It is calculated as-

Formula-

1. Arman bought a house for ₹ 320000 and spent ₹ 65000 on its renewal. Find the gain or loss percent if he sells it for ₹ 420000.

Solution: ,

2. By selling an article for ₹ 450 a trader gains 12.5 % . For how much he should sell to gain 20 % ?

Solution:

Discount

A discount is a reduction in the marked (or list) price of an article. For example, if the marked price of an article is ₹ 100, it is sold for ₹ 80, i.e.. ₹ 20 less than the marked price.

Discount is a Reduction
  • Marked Price (or List price) : The marked price (M. P.) of an article is the price at which the article is listed for sale. It is the price marked on the article.
  • Discount: The discount is the reduction from the marked price of the article.
  • Net selling price (S. P.) : It is the price at which an article is sold. The marked price minus discount equals the net selling price.

Formulae-

2. An article is marked at ₹ 4800. Find its selling price if a discount of 15 % is offered.

Solution:

3. A product listed at ₹ 54000 is available for ₹ 43200. Find the rate of discount offered?

Solution:

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