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?
(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)