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Discount: Formulas and Shortcuts for Easy Calculations

15-JAN-2018 15:20

     

    The concept of Discount is a mere extension of Profit and Loss chapter of Quantitative Aptitude Segment.

    Discount Chapter

    Learn the formulas and shortcuts of Profit and Loss

    Calculating Discount is quite a useful mathematical skill as it can be applied in your day-to-day life such as:

    •    Getting coupon discount at your meal order

     Discount Voucher

    •    Getting discount at a retail store:

     Discount Sale

    •    Or giving discount on your own service to customers:

     Discount Service

    Let us understand the basic concept and formulas for calculating the percentage discount quickly and effortlessly.

    DISCOUNT:

    Discount means reduction of marked price by a seller to sell at a lower rate. In simple words, it means concession given by a seller on a product or service.

    Discount is calculated on the basis of marked price:

     Discount Formulas

    Solved Example

    Here is an example to understand the relationship between Marked Price, Selling Price and Discount:

    Example: A trader offers his customers 15% discount and still makes a profit of 25%. What is the actual cost to him for an article marked Rs. 350?

    Solution:          Given that Marked Price = Rs. 350

    Marked Price – (Marked Price X Discount %) = Selling Price __________ (1)

    And, Selling Price = Cost Price + (Cost Price X Gain %) __________________ (2)

    From (1) and (2)

    Marked Price – (Marked Price X Discount%) = Cost Price + (Cost Price X Gain%)

    Discount Example

    After calculation, we get,  Cost Price = Rs. 238

    Learn the basic concept and formulas of Percentage

    SUCCESSIVE DISCOUNTS:

    Meaning:

    DISCOUNT ON THE DISCOUNT

    Formulas:

    Effective discount on a product after x% and y% of discount is given by:

    Successive Discount

    Discount when you buy x products and get y products free is given by:

    Successive Discount

    Solved Example

    Here is an example to understand the successive discount formula:

    Example: Find the selling price of an article if a shopkeeper allows two successive discounts of 5% each on the marked price of Rs.80.

    Successive Discount Example

    So, now you know how easy it is to calculate the discount even without using a calculator.

    DISCLAIMER: JPL and its affiliates shall have no liability for any views, thoughts and comments expressed on this article.

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