SOLUTION: A man bought two lots for the same price. He sold one at a profit of $3,000 and the other at a loss of $1,500, receiving twice as much for the first lot as for the second. What did
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Question 38958: A man bought two lots for the same price. He sold one at a profit of $3,000 and the other at a loss of $1,500, receiving twice as much for the first lot as for the second. What did each lot cost?
(this is not from a textbook) Thank You
Found 2 solutions by fractalier, Nate:
Answer by fractalier(6550) (Show Source): You can put this solution on YOUR website!
Let x be what he bought the lots for.
He sold the first for x + 3000.
He sold the second for x - 1500.
The problem says the first amount was twice the second, so we have
x + 3000 = 2(x - 1500)
x + 3000 = 2x - 3000
x = $6000
Answer by Nate(3500) (Show Source): You can put this solution on YOUR website!
Define variable:
x = lot's cost
p = price when sold
Define equations:
3000 = 2p - x
-1500 = p - x
Combine:
+
=
Price when sold is $4,500. Each lot cost him $6000.
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