Mathematics 2015 JAMB Past Questions - Question 41: A man bought a car for N500,000 and was able to sell it for N350,000 ,What was his percentage loss?

Correct Answer

D

Explanation

Loss =500-350=150%=150/500*100=30%To find the percentage loss, we can use the formula:\[\text{Percentage Loss} = \frac{\text{Loss}}{\text{Cost Price}} \times 100\]Where Loss = Cost Price - Selling Price.In this case, the cost price is N500,000 and the selling price is N350,000.So, the loss is:\[Loss = \text{Cost Price} - \text{Selling Price} = N500,000 - N350,000 = N150,000\]Now, we can calculate the percentage loss:\[\text{Percentage Loss} = \frac{N150,000}{N500,000} \times 100 = 30\%\]Therefore, the man incurred a 30% loss on the car.