SOLUTION: Jim purchased 2 pieces of property that had been foreclosed on by a local bank for a total of $330,000. When he sold these properties, on the first piece Jim earned a profit of 12

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Question 997029: Jim purchased 2 pieces of property that had been foreclosed on by a local bank for a total of $330,000. When he sold these properties, on the first piece Jim earned a profit of 12% but on the second piece he lost 8%. his total profit was $18,000. How much did Jim pay for each property?
Answer by stanbon(75887) About Me  (Show Source):
You can put this solution on YOUR website!
Jim purchased 2 pieces of property that had been foreclosed on by a local bank for a total of $330,000. When he sold these properties, on the first piece Jim earned a profit of 12% but on the second piece he lost 8%. his total profit was $18,000. How much did Jim pay for each property?
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Equation:
Interest - Interest = Interest
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0.12x - 0.08(330,000-x) = 18000
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12x - 8*330000+8x = 1800000
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20x = 1800000+8*330000
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20x = 4440000
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x = $222,000 (amt invested at 12%
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333,000- 222,000 = $111,000 (amt invested at 8%)
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Cheers,
Stan H.
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