BANK & INSURANCE (PROFIT LOSS AND DISCOUNT) PART 2

Total Questions: 70

31. A radio is marked 45% above its cost price and sold after two successive discounts of Rs. 62 and 25%, respectively such that it is sold for a loss of Rs. 15. What is the cost price of the radio?

Correct Answer: (c) Rs. 360
Solution:

Let the cost price of the radio = Rs. 100x

Then marked price = 100x × 1.45 = Rs. 145x

Price after 1st discount = Rs. (145x – 62)

Final selling price = (145x – 62) × 0.75
= Rs. (108.75x – 46.5)

According to the question,
100x – 15 = 108.75x – 46.5

Or, 31.5 = 8.75x

So, x = 31.5 ÷ 8.75 = 3.6
Therefore, cost price of the radio = 3.6 × 100
= Rs. 360

32. Ram sold an article for Rs. 576 at a profit of ‘x’%. If he would have sold the article at Rs. 552, then there would be profit of (x - 5)%. Find the value of ‘x’.

Correct Answer: (b) 20
Solution:

Cost price of article when sold at a profit of x%
= Rs. [(576)/(100 + x)] × 100

Cost price of article when sold at a profit of (x - 5)%
= Rs. [(552)/(100 + x - 5)] × 100

Cost price must be same in both case
[(576)/(100 + x)] × 100 = [(552)/(100 + x - 5)] × 100

23x + 2300 = 24x + 2280
x = 20

33. A chair is sold for Rs. 427 at a profit of 22%. If the cost price of an article ‘A’ is 1.5 times the cost price of the chair, then find the cost price of the article ‘A’.

Correct Answer: (c) Rs. 525
Solution:

Let the cost price of the chair = Rs. ‘100x’
Selling price of the chair = 100x × (122/100)
= Rs. ‘122x’

ATQ:
122x = 427
x = (427/122) = 3.5

So, the cost price of the chair = 100x = 100 × 3.5
= Rs. 350

Cost Price of the article ‘A’ = 1.5 × 350 = Rs. 525

34. An article when marked 36% above its cost price and sold after a discount of 25% is sold for a profit of Rs. 30. If the article was instead marked 20% above its cost price and sold after a discount of Rs. 80, then what would be its selling price?

Correct Answer: (d) Rs. 1,720
Solution:

Let the cost price of the article = Rs. ‘100y’
According to the question,
100y × 1.36 × 0.75 = 100y + 30

102y = 100y + 30
So, y = (30/2) = 15

So, cost price of the article = 15 × 100 = Rs. 1500

So, desired selling price = 1500 × 1.2 - 80
= Rs. 1,720

35. Vicky bought a second hand refrigerator at certain price and spent amount equal to 25% of the price for which he purchased it, on its maintenance. Later he marked it 65% above its original cost price and sold at a discount of 30%. Find the original cost price of the refrigerator, if in this whole process, he bears a loss of Rs. 1,140.

Correct Answer: (e) Rs. 12,000
Solution:

Let the original cost price of the refrigerator be Rs. ‘100x’
Money spent on its maintenance = 100x × 0.25
= Rs. ‘25x’

Marked price of the article = 100x × 0.65
= Rs. ‘165x’

Selling price of the article = 165x - 165x × 0.3
= Rs. ‘115.5x’

According to question:
(100x + 25x) - 115.5x = 1140

9.5x = 1140
0.5x = 60
x = 120

So, original cost price of the refrigerator = (120 × 100) = Rs. 12,000

36. The ratio of cost price and marked price of an article is 6:7, respectively. The article is sold for Rs. 252 after allowing a discount of 20%. Find the cost price of the article.

Correct Answer: (c) Rs. 270
Solution:

Let the Marked price and Cost price of the article be Rs. ‘7x’ and Rs. ‘6x’, respectively

Selling price of the article = 7x × (80/100) = Rs. ‘5.6x’

ATQ:
5.6x = 252

x = (252/5.6) = 45

So, the cost price of the article = 6x = 6 × 45 = Rs. 270

37. A shopkeeper bought 1 kg apple at a certain price and marked them 40% above the cost price. He sold them after offering a discount of 20%, but while selling he also uses weight of 800 gm instead of 1 kg. In this whole process he earned an overall profit of Rs. 30. Find the cost price (per kg) of the apple. (Note: He consumed remaining 200 gm apple.)

Correct Answer: (c) Rs. 250
Solution:

Let the cost price of 1 kg apple be Rs. ‘100x’

Marked price of the apple = 100x + 100x × 0.4 = Rs. ‘140x’

Selling price of the apple = 140x - 140x × 0.2
= Rs. ‘112x’

According to question:
112x - 100x = 30

12x = 30
x = (5/2)

Cost price of 1 kg apple = 100x = (100 × 5/2)
= Rs. 250

38. A man sold two cars for a total of Rs. 4,35,600. The selling price of both cars was same, and one was sold at 10% profit whereas other was sold at 10% loss. If the cost price of a bike is equal to difference between cost price of given two cars, then find the selling price of the bike when it is sold at 25% profit.

Correct Answer: (a) Rs. 55,000
Solution:

Selling price of each car = 435600 ÷ 2 = 2,17,800

Cost price of the car that was sold at 10% profit
= 2,17,800 ÷ 1.1 = Rs. 1,98,000

Cost price of the car that was sold at 10% loss
= 2,17,800 ÷ 0.9 = Rs. 2,42,000

Cost price of the bike = 242000 - 198000
= Rs. 44,000

Selling price of the bike = 1.25 × 44000 = Rs. 55,000

39. A seller marked his 40 articles (having equal cost price) at 175% higher than their cost price. If he sold half of them at 20% discount and rest at 60% discount, then find the overall profit earned by him.

Correct Answer: (c) 65%
Solution:

Let the cost price of each article be Rs. ‘10x’

So, marked price of each article = 10x × 2.75
= Rs. ‘27.5x’

Selling price of 20 articles = 27.5x × 20 × 0.8 = Rs. ‘440x’

Selling price of remaining 20 articles = 27.5x × 20 × 0.4 = Rs. ‘220x’

So, total selling price = 220x + 440x = Rs. ‘660x’

And total cost price = 10x × 40 = Rs. ‘400x’

Total profit = 660x - 400x = Rs. ‘260x’

So, required percentage = (260x/400x) × 100
= 65%

40. A shopkeeper first increased the price of an article by 20% and then by 30%. If he sells it after allowing a discount of 25%, then he will earn a profit of Rs. 68. What should be the selling price of the article if the seller wishes to earn a profit of 40%?

Correct Answer: (d) Rs. 560
Solution:

Let the cost price of the article be Rs. ‘100x’

ATQ:
100x × 1.2 × 1.3 × 0.75 = 100x + 68

Or, 117x = 100x + 68
Or, 17x = 68

So, x = 4

So, cost price of the article = 4 × 100 = Rs. 400

So, selling price of the article when sold at 40% profit
= 400 × 1.4 = Rs. 560