Grade Six Mathematics

Hello, Boys and Girls. Welcome back. I trust that you had a splendid week. Last week we looked at the basic concept of consumer arithmetic. This week we will dive deeper into the topic by examining its percentage aspect.

Remain focused, and let’s begin.

Percentage Gain and Percentage Loss

In certain instances, once the profit or loss is calculated, it is converted into a percentage. It is used to express the amount of profit or loss incurred in the form of a percentage.

Profit Percentage

Profit percentage (%) represents the profit amount stated as a percentage. This profit is calculated relative to the cost price. Therefore, the formula to determine the profit percentage is:

Profit % = Profit/Cost Price × 100.

Let us apply this formula in the following example:

Example 1: A shopkeeper bought a pack of pencils for $25 and sold it for $30. Calculate the profit and the profit percentage.

Solution:

Cost price of the pack of pencils = $25; Selling price = $30

Using the Profit Formula: Profit = Selling Price Cost Price

Profit = $30 - $25 = $5

Using the Profit Percentage Formula: Profit

Percentage = (Profit/Cost Price) × 100

Profit Percentage = (5/25) × 100 = 20%

Therefore, the profit earned in the deal is of $5 and the profit percentage is 20%.

Review the examples once more for a better understanding.

All you need to do is use the formula as a guide.

Ok boys and girls, it’s time to explore how we can calculate the percentage loss!

By Stayon Abrams

A shopkeeper buys juice cans in bulk for $30 each. He sells them for $20 each. Calculate the loss and the loss percentage.

Solution: Loss Percentage

Loss percentage refers to the amount of loss incurred which is expressed or calculated in percentage.

The formula to calculate the loss percentage is: Loss % = Loss/Cost Price × 100.

Let us examine an example! Example 1

Given: Selling price = $20; Cost price = $30 Using the loss formula:

Loss = CP - SP

Loss = $30 - $20 = $10

Using Loss Percentage Formula: Loss% = (loss/CP) × 100

Loss Percentage = (10 /30) × 100

= 33.33%

Answer: Loss = $10 and loss percentage = 33.3%.

Let’s now apply the knowledge we have learned by calculating the following problems.

Activity 1

Find the gain or Loss percent when: 1. Cost Price = $ 500 and Selling Price = $ 250 2. Cost Price = $ 200 and Selling Price = $ 150 3. Cost Price = $ 400 and Profit = $ 220 4. Cost Price = $ 1000 and Loss = $ 100 5. Selling Price =$ 800 and Loss = $ 120

6. Selling price = $ 600 and Gain = $ 300

Well done, pupils! Now, let’s put into practice the same principle we’ve just learned by completing the worded scenarios below!

Exercise 2

Calculate the percentage profit or percentage loss in the following:

Sarah purchased 10 dolls at the rate of $40 per doll. She sold 6 of them at the rate of $20 per doll and the remaining at the rate of $10 per doll. Find her profit or loss percent.

The cost price of a watch is $300. The watch was then sold for $360. Find the profit percentage.

Jada purchased a computer for $ 1500 and due to a crack on the screen, she sold it for $1220. Find her loss percentage.

A basket was bought for $ 800 and sold it for $ 1020. Find the gain percent age.

Now that we’ve discussed the fundamental concepts of consumer arithmetic, I’d like to assess your overall understanding of how much you have learned!

Let’s sum it up by completing the quiz below!

Profit and Loss Quiz

That’s all for today boys and girls. Check back next week for the answers to this week’s problems. Have a safe and productive week at school. Bye!