A man bought a car for N800 and sold it for N520. Find his loss per cent

Analysis

To find the loss percentage, we need to determine the actual amount of money lost and then calculate what percentage that loss is of the original cost price.

Concept

The formula for calculating Loss Percentage is:

• Cost Price (CP): The amount the man paid for the car (N800).
• Selling Price (SP): The amount the man sold the car for (N520).
• Loss: The difference between the Cost Price and the Selling Price (CP - SP).

Step-by-Step Solution

1. Calculate the actual loss: $$\text{Loss} = \text{Cost Price} - \text{Selling Price}$$ $$\text{Loss} = 800 - 520 = 280$$ The man lost N280.

2. Calculate the loss percentage: $$\text{Loss \%} = \left( \frac{\text{Loss}}{\text{Cost Price}} \right) \times 100$$ $$\text{Loss \%} = \left( \frac{280}{800} \right) \times 100$$

3. Simplify the calculation: $$\text{Loss \%} = \left( \frac{280}{8} \right)$$ $$\text{Loss \%} = 35\%$$

Conclusion

The man incurred a loss of 35% on the sale of the car. Comparing this to the options provided, the correct choice is C.

Exam Tip

When calculating percentage profit or loss, always divide by the Cost Price, never the Selling Price. A common mistake students make is using the Selling Price as the denominator, which will lead to the wrong answer.