Example 1
A man bought a leather bag for N350.00 and sold it for N360.00 will he have more money or less money with him?
Solution
Selling price = N460.oo
Cost price = – N350.00
Profit (gain) = N110.00
Note: profit or gain = selling price – cost price
Example 2
If a lady bought a wrist watch for N800 and sold it for N600. Will he have money or less money with her?
Solution
The selling is price is less than. Therefore, she will have less money with her. That is, she sold at a loss.
Cost price of wrist watch = N800.00
Selling price = N600.00
Loss N200.00
EXERCISE
- The cost price of an article is is N450.30 and the selling price is N510. Find the profit or loss.
- Mallam jimoh bought a meter of cloth for N155.50 and sold it N147.75, what is the gain or loss?
- A car battery cost N3050. And it was sold for N 2895. What is the loss on the selling price.
See also
PROBLEM ON MULTIPLICATION OF MONEY
⇓ Fully Funded Scholarships ⇓
⇒ Fully Funded Scholarships for Students & Teachers
⇒ USA Fully Funded Scholarships for Internatioal Students
⇒ Canada Fully Funded Scholarships for International Students
⇒ Germany Fully Funded Scholarships for Students
⇒ European Scholarships for International Students
⇒ US Fully Funded Scholarships for Africans
⇒ UK Fully Funded Scholarships for International Students
⇒ Australia Fully Funded Scholarships for International Students
⇒ US Scholarships for Nigerian Students
We built School Portal NG to specially serve as an alternative means to provide free education for the less-privileged children or children born to low-income earners, adults who otherwise cannot afford to finance their way through school.
Building & maintaining an elearning portal is very expensive, but this portal is free. Help to keep this learning portal free by donating or supporting us. We accept donations, grants, sponsorships & support to help reach out to more children. Thank you so much. Click here to donate