The answer is the easy part, but how do I express it in an algebraic formula?
Ken purchased an investment property for 245,000 and sold it at a 12% loss. How much did he sell it for?
He sold it for 88% of the purchase price (after commissions and expenses).
Thanks drwls, I knew the answer, I just don know how to properly express it in an algebraic formula? Thanks
To express the sale price of the investment property in an algebraic formula, you can use the concept of a percentage decrease.
Let's break down the problem step by step:
1. The original price of the property is $245,000.
2. Ken sold the property at a 12% loss, which means he sold it for 12% less than the original price.
3. To calculate the sale price, we need to subtract 12% of the original price from the original price.
To express this algebraically, you can use the following formula:
Sale Price = Original Price - (12/100) * Original Price
In this formula, (12/100) represents the percentage loss in decimal form (0.12). By multiplying the original price by this percentage, we can find the amount of money Ken lost. Subtracting this loss from the original price gives us the sale price.
By substituting the original price of $245,000 into the formula, we can find the answer algebraically:
Sale Price = 245,000 - (0.12 * 245,000)
Now, you can simplify the equation further to get the numerical answer.