Calculate Profit and Profit Percent

We will learn how to calculate profit and profit percent.

If selling price is more than the cost price (S.P. > C.P.), there is a profit.

Profit = S.P. – C. P.          

or, S. P. = P + C. P.           

C.P. = S. P. – P  

Profit percent → profit on $ 100 is called profit%

Profit% is always calculated on C.P

So, profit% = $\frac{Profit}{C.P.}$ x 100

Solved examples:

Jack purchased 400 calculators at $200 each. He spent $5 on packing each calculator, paid $100 to the carrying for loading and $400 on transportation. He sold 300 at a rate of $280 each and 100 at the rate of $180 each. Find his profit or loss per cent in the whole transportation.

Solution:             

C.P. of 1 calculator = $200

C.P. of 400 calculators = $200 x 400

                                 = $80000

Money spent on packing 1 calculator = $5

Money spent on packing 400 calculators = $400 x 5 = $2000

Overhead expenses = $(2000 + 100 + 400)

                             = $2500

C.P. of 400 calculators = Actual C.P. + Overhead expenses

                                 = $80000 + $2500

                                 = $82500

S.P. of 400 calculators = S.P. of 300 calculators + S.P. of 100 calculators

S.P. of 1 calculator = $280

S.P. of 300 calculators = $280 x 300 = $84000

S.P. of 1 calculator = $180

S.P. of 100 calculators = $180 x 100 = $18000

S.P. of 400 calculators = $84000 + $18000 = $102000

S. P. > C. P., there is profit, therefore, profit – S.P. – C.P.

Profit = $(102000 – 82500) = $19500

Profit% = $\frac{Profit}{C.P.}$ x 100

           = $\frac{19500}{82500}$ x 100%

           = 23.6%

7th Grade Math Problems

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