Question

Abraham bought a music system for $6375.00

and Spent $75.00 on its transportation. He sold
it for $6400.00. Find his profit or loss percent?

Answer 1

Abraham incurred a loss of approximately 0.78% on the sale of his music system. The total cost was $6450.00 and he sold it for $6400.00, resulting in a $50.00 loss.

Step-by-step explanation:

To calculate Abraham’s profit or loss percent, we first need to determine the total cost of the music system including transportation. Abraham bought the music system for $6375.00 and spent an additional $75.00 on transportation, making the total cost $6450.00 ($6375.00 + $75.00). He sold the music system for $6400.00.

Abraham’s loss is calculated by subtracting the selling price from the total cost: $6450.00 - $6400.00 = $50.00. To find the loss percent, we divide the loss by the total cost and multiply by 100: ($50.00 / $6450.00) × 100 ≈ 0.7752%, which is approximately 0.78% loss. So, Abraham incurred a loss of about 0.78% on the sale of the music system.