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MEAP Preparation - Grade 7 Mathematics
1.115 Profit and Loss Word Problems - II

Directions: Answer the following qustions. Also write at least five examples of your own.
Q 1: A business man sold two luxury cars each for $99,000. He made profit of 10% on one and a loss of 10% on the other. Find his overall loss or gain percent?
1% gain
1.5% loss
1% loss
0% profit

Q 2: Peter purchased a cow for $2,250. If he wants to gain 25%, what should be his selling price?

Q 3: A trader purchased 5000 coconuts, at $110 per 100 coconuts. 10% of the coconuts were damaged during transportation. He spent $575 for the transportation. If he gained 40% profit, at what price did he sell them?
$2.00 each
$1.89 each
$3.15 each
$1.50 each

Q 4: Bobby purchased pens at the rate of $42 per dozen. If he earned a profit of 14 2/7% by selling them on eBay. What was his selling price per dozen?

Q 5: A mechanic purchased two motor bikes for $7,500 and $6,000 respectively. He sold the first one for a profit of 15% and the second bike for a loss of 20%. How much did he lose or gain on both the transactions together?
$80 profit
$75 profit
$75 loss
$60 loss

Q 6: Jack purchased a refrigerator for $8,000. Due to transfer to a far-off place, he had to sell it for a loss of 15%. What was his selling price?

Q 7: A rice merchant purchased 50 bags of rice at $300 per bag. He spent $500 towards transportation. Due to lack of demand for rice, he incurred a loss of 30%. At what price did he sell each bag of rice?

Q 8: A fruit vendor purchased four branches of bananas consisting of 540 fruits in all for $168.75. He sold 15 dozens at 2 bananas a dollar, another 15 dozens at 3 bananas a dollar and the remaining at 5 bananas a dollar. Find his loss or gain percentage.
13 1/4% loss
10 2/9% profit
10 2/9% loss
13 1/4% profit

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