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A house bought for N100,000 was later auctioned for N80,000. Find the loss percent.

Mathematics
WAEC 1994

A house bought for N100,000 was later auctioned for N80,000. Find the loss percent.

  • A. 20%
  • B. 30%
  • C. 40%
  • D. 50%
  • E. 60%
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Correct Answer: Option A
Explanation

Loss = N(100,000 - 80,000)

= N20,000.

Loss percentage = \(\frac{20,000}{100,000} \times 100%\)

= 20%

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