Question

I bought a car for $10,000 when I sold it I got $3,000. What was the percent decrease?

Answer 1

`\% Decrease = 70\%`

Explanation:

Given

Cost Price= 10,000

Selling Price = 3000

Required

Determine the percentage decrease

This is calculated as follows:

`\% Decrease = (Selling\ Price - Cost\ Price)/(Selling\ Price) * -100\%`

Substitute values

`\% Decrease = (3000 - 10000)/(10000) * -100\%`

`\% Decrease = (-7000)/(10000) * -100\%`

`\% Decrease = (7000)/(10000) * 100\%`

`\% Decrease = 0.7* 100\%`

`\% Decrease = 70\%`