Profit and Loss Questions

1) Bob Bought a House With a Profit of Rs 40000. He AStayed in That House for a Few Years and Then Sold It with a Markup . Find the Cost of the House.

Here profit price = Rs 40000

And markup = 1/4

So, 1/markup=4
We have markup = Profit/cost

From this formula, cost = Profit/Markup = profit × 1/Markup

Cost = Rs 40000 × 4
Cost = Rs 160000
The cost of the house is Rs 160000.

2) John Bought an Old Motorbike With a Retail Price of Rs. 90000 and Spent Some Money Repair It. Then He Sold the Bike With a Margin of 1/3 . Find the Profit for the Bike.

Retail price for the motorbike = Rs. 90000

Margin = 1/3

We know margin = Profit/Retail price

From this formula, Profit = Margin × Retail price

Profit = 1/3× Rs 90000

Profit = Rs 30000
The profit for the motorbike is Rs 30000.

3) Seema Bought a Cupboard With a Profit of Rs. 500 and Spent Some Money on Painting It. Then Sold the Cupboard With a Margin of . Find the Retail Price.

Here profit price = Rs. 500

And margin = 1/5

So, 1/margin= 5
We have margin = Profitretail price
From this formula, Retail price = Profit/margin= profit × 1/margin

Retail price = Rs 500 × 5
Cost = Rs 2500
The retail price for the cupboard is Rs 2500.