Question

Grace and Bill bought a vacation home for $182,000. A serious medical crisis forced them to sell at $110,000. What was their percentage of loss?

a) 30%
b) 40%
c) 50%
d) 55%

Answer 1

Loss percentage = 40% (Approx)

Explanation:

Given:

Cost price of home = $182,000

Sales price = $110,000

Find:

Loss percentage

Computation:

Loss = Cost price - Sales price

Loss = $182,000 - $110,000

Loss = $72,000

Loss percentage = [Loss / Cost price]100

Loss percentage = [72,000 / 182,000]100

Loss percentage = 39.5604

Loss percentage = 40% (Approx)