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Mr.Mittal purchased a car for Rs. 3,00,000 and a bike for his son for Rs. 1,00,000. He sold the car at a profit of 10% and bike at a loss of 20%. What is the net gain or loss?
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- 2% gain
- 1.5% loss
- 2.5% loss
- 2.5% gain
Correct Option: D
Gain = 10% of 3,00,000 = 30000
Loss = 20% of 1,00,000 = 20000
Net gain = 10000 over Rs.4 lakh
Hence, profit = 10000/400000 x 100 = 2.5%
