SOLUTION: Pat wants to sell his house for 150,000$. After 2 months, the house was not sold and he decides to reduce the price by 20%. A new potential buyer likes the house but will only buy

Question 1115472: Pat wants to sell his house for 150,000$. After 2 months, the house was not sold and he decides to reduce the price by 20%. A new potential buyer likes the house but will only buy if Pat reduces the price by a further 10%. Pat agrees. What price should the new buyer pay for the house.

Answer by Theo(13342) (Show Source): You can put this solution on YOUR website!
the house is priced at 150,000

20% off becomes 150,000 - .2 * 150,000 which becomes 150,000 * (1 - .2) which becomes 150,000 * .8 which is equal to 120,000.

the house is now priced at 120,000.

an additional 10% off becomes 120,000 - .1 * 120,000 which becomes 120,000 * (1 - .1) which becomes 120,000 * .9 which is equal to 108,000.

you could have gone there more directly by just taking 150,000 * .8 * .9 = 108,000

the combined discount becomes (150,000 - 108,000) / 150,000 = .28 = 28%.

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