Babu purchased a car for ₹3,00,000/- and a bike for his son for ₹1,00,000/-. He sold the car at a profit of 10% and bike at a loss of 20%. What is the net gain or loss?
Given:
Car Purchase Price = ₹3,00,000
Bike Purchase Price = ₹1,00,000
Profit on Car = 10%
Loss on Bike = 20%
Formula Used:
gain % =
Solution:
Profit on the car = 10% of ₹3,00,000
Loss on the bike = 20% of ₹1,00,000
Net gain = Profit - loss
Net gain = 30,000 - 20000 = 10,000
Net gain % =
Thus the gain percentage is 2.5%.
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