Question

Jack bought a car for $29,000. He sold it for $10,000 3 years later. What is the percentage loss that Jack made?

Answer 1

`\boxed{ \bold{ \huge{ \boxed{ \sf{65.51\% \: }}}}}`

Explanation:

Given,

Cost price of a car ( CP ) = $ 29,000

Selling price of a car ( SP ) = $ 10,000

Since , SP < CP, there is a loss.

Loss % = ?

First, Finding the loss amount

⇒
`\boxed{ \sf{loss = cost \: price \: - selling \: price}}`

⇒
`\sf{loss = 29000 - 10000}`

⇒
`\sf{loss = 19000}`

Loss amount = Rs 19000

Finding the loss %

`\boxed{ \sf{loss \: percent = (loss)/(cost \: price) * 100\%}}`

⇒
`\sf{loss \: \% \: = (19000)/(29000) * 100\%}`

⇒
`\sf{loss \: \% \: = \: 65.51 \: \%}`

Loss percent = 65.51 %

Hope I helped!

Best regards!!