SOLUTION: A lot was sold for $138,000 by an agent. A profit of 15% more than the cost of the lot was made. How much was the original cost of the lot?? Please help....

Question 464094: A lot was sold for $138,000 by an agent. A profit of 15% more than the cost of the lot was made. How much was the original cost of the lot??
Please help....
Answer by Theo(13342) (Show Source): You can put this solution on YOUR website!
the lot was sold for 138000.
the profit that was made was 15% more than the cost of the lot.
how much was the original cost of the lot.
let x be the cost of the lot.
then x + .15*x = 138000.
factor out the x and you get x * (1.15) = 138000
divide both sides of the equation by 1.15 and you get x = 120000.
the cost of the lot was 120000.
a 15% profit was made.
that equals 120000 * .15 = 18000
add 18000 to 120000 and you get a sale price of 138000.

RELATED QUESTIONS
Les invested a total of $25000 in two pieces of property last year. He made a profit of... (answered by jim_thompson5910)

A house and lot was sold for 8.5 million pesos was 2/3 higher than the original price.... (answered by josmiceli)

Even after giving a discount of 12%, an article was sold at a profit of 10%. By what... (answered by Theo)

mandy sold a bar of chocolate for 25 dollars and made a profit of 10 dollars how much was (answered by jorel1380)

A certain real-estate agent receives $6 for every &100 of a houses selling price. How... (answered by edjones)

Solving Problems involving Inequalities A house and a lot together cost more than... (answered by ReadingBoosters)

Property sold for $120,000, 15% more than when it was bought. What was the original... (answered by checkley71)

A store purchased 70 toolboxes for a total cost of $912. It sold 45 of these toolboxes... (answered by stanbon)

a house cost $2880 more than a lot of land, and five times more the cost of the lot... (answered by TimothyLamb)