Monetary problems are those related to money. This section includes Simple Interest, Compound Interest, profit and loss etc.
1 Profit and Loss:
Cost Price (C.P.): The price at which an article is purchased is called Cost Price (C.P.)
Sale Price (S.P.): The price at which an article is sold is called Sale Price (S.P.) or selling price.
Marked Price (M.P.): The price put on the article by the seller or manufacturer is called Marked Price (M.P). Normally marked price is the price we see as the M.R.P or maximum retail price.
Profit or Gain: If Sale Price is greater than Cost Price then the seller is said to have a profit or gain.
Loss: If Cost Price is greater than Sale Price then the seller is said to have incurred a loss.
Profit or Gain = S.P. – C.P.
Loss = C.P. – S.P.
Profit % or Gain% = (Profit/CP)×100
Loss% = (Loss/CP)×100
Alternative Logical Formulas:
In the case of profit, SP = (100% + Profit%) of CP
In the case of loss, SP = (100% – Loss%) of CP
“For detailed theory, refer the book “CSIR-NET General Aptitude – A New Outlook”