Question 1135064: A property owner listed his property for 160% more than he paid for it. The owner eventually accepted an offer 12.5%
below his asking price and sold the property for $191 comma 100. How much did the owner pay for the property?
Answer by Theo(13342)   (Show Source):
You can put this solution on YOUR website! he listed the property for 160% more than he paid for it.
so, if the property cost him x dollars, then he listed it for x + 1.6 * x = 2.6 * x.
he sold it for 12.5% less than the listed price.
this means he sold it for 2.6 * x - .125 * 2.6 * x = 2.275 * x.
since he sold it for 191,100, then 2.275 * x = 191,100.
solve for x to get x = 191,100 / 2.275 = 84,000.
to confirm, work your way back up.
he bought the house for 84,000.
he listed it for 160% more than he paid for it.
that means he listed it for 84,000 plus 1.6 * 84,000 = 218,400.
he eventually sold it for 12.5% less than the list price.
218,400 minus .125 * 218,400 = 191,100.
solution checks out ok.
solution is that the owner paid 84,000 for the property.
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