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 =Â Â – __N350.00 __

Profit (gain) = Â Â __N110.00__

__Â __

Note: profit or gain = selling price â€“ 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 watchÂ Â Â Â Â Â Â Â Â Â Â = N800.00

Selling priceÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â = __N600.00__

LossÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â __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