The selling price of a sofa-set is $\displaystyle \frac {3}{5}$ times of its cost price. Find the gain or the loss as percent.

Using the profit and loss percentage formula, Loss Percentage = ((Cost Price - Selling Price) / Cost Price) * 100, and assuming the cost price is 100 makes the selling price 60. The loss is 40, so calculating the percentage gives (40 / 100) * 100 = 40%. The loss percent is 40.

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