A book which cost ₦300.00 was sold for ₦240.00. what the loss percentage

Answer 1

The loss incurred on the sale can be calculated using the formula:

Loss = Cost Price - Selling Price

So, in this case, the loss would be:

Loss = ₦300.00 - ₦240.00 = ₦60.00

Now, to calculate the loss percentage, we use the formula:

Loss Percentage = (Loss / Cost Price) x 100

Plugging in the values, we get:

Loss Percentage = (₦60 / ₦300) x 100 = 0.2 x 100 = 20%

Therefore, the loss percentage incurred on selling the book for ₦240.00 when it cost ₦300.00 is 20%.