Since the buying price is RS 40
Since the selling price is RS 24
If the selling price is less than the buying price, then it is a loss
To find the percent of loss Divide the loss by the buying price, then multiply the answer by 100%
[tex]\begin{gathered} \text{Loss= 40 - }24 \\ \text{Loss = }16 \end{gathered}[/tex]The percent of the loss is
[tex]\begin{gathered} \text{Percent Loss}=\frac{16}{40}\times100\text{ \%} \\ \text{Percent Loss = 40\%} \end{gathered}[/tex]The percent of loss is 40%