A man bought a car newly for ₦1,250,000. He had a crash with the car and later sold it at the rate of ₦1,085,000. What is the percentage gain or loss of the man?
- 43.7% loss
- 13.2% gain
-
13.2% loss
- 43.7% gain
The correct answer is: C
Explanation
Cost price of the car = N 1,250.00
Selling price = N 1,085.00
Loss = N (1250 - 1085)
= N 165.00
% loss = \(\frac{165}{1250} \times 100%\)
= 13.2% loss
There is an explanation video available .