The answer is the easy part (88% - $216,600), but how do I express the below 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?

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  1. (12/100) * 245,000 = 245,000 - x

    x = 245,000 - (12/100) 245,000

    x = 245,000 [1-(12/100)]

    x = 245,000 (.88)

    x = 215,600 (not 216,600)

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