Mike sold two horses for $18000 each. On one he gained 20% and on the other he lost 20%. Find his total gain or loss.

Question

I want answer

Answer 1

1st horse was gain of 20% so it was sold for 120% of purchase price:

1.2p = 18000

p = 18000/1.2 = 15000

Horse was bought for 15,000 and sold for 18,000... gain = $3000

 

2nd horse was a loss of 20% so it was sold for 80% of purchase price:

0.8p = 18000

p = 18000/0.8 = $22,500

Bought for 22,500 and sold for 18000... los  = $4,500

 

On one horse we gained 3000

On the other we lost 4500

We have a net loss of $1,500

 

 

 

Answer 2

For the horse he gained money: 1.2x=18000 so x equals to 18000/1.2=15000. So he gained 3000.

For the horse he lost money: 0.8y=18000, so y equals to 18000/0.8=22500. So he lost 4500.

 

Therefore, he total lost 4500-3000=1500 dollars.

 

Hope this helps you!