- If you buy something and sell it, the difference between the two prices is a profit or a loss. It's given as a percentage of the buying price. If you buy something for $20 and sell it for $15 you make a loss of $5 or 25%.
- When you buy something you may be offered a discount. This is a reduction in the price. It's usually given as a percentage. If the price is normally $20 and you get a 10% discount, you only pay $18.
- If a bank helps you to buy an item, you may have to pay back more than you borrow. This is the interest that the bank charges. It's given as a percentage of the cost. If a car costs $20000 and the rate of interest is 3%, you will pay $20600.
- If you buy something the price may include a tax. This is called a purchase tax. When you earn money you may have to pay tax on what you earn. This is called income tax.
I have three questions to ease your understanding.
Questions
1. A woman bought an old chair for $240. She sold it for $300. Work out the percentage profit.
Profit: 300 - 240 = 60. 60/240*100% = 25%
2. A man bought a car for $15900. He sold it for $9500. Work out the percentage loss.
Loss: 15900 - 9500 = 6400. 6400/15900*100% = 40%
3. A bottle of grape juice costs $6.50. If you buy six bottles you can get 10% discount. Work out how much you save if you buy six bottles.
=> 6.50*6 = 39. 39*90% = 35,10.
39 - 35,10 = $3,9
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