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??
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-> 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??
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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.
