If a house is sold for 187,000 there is a loss of 15% on the cost price of the house.
1) Find the cost price of the house
2) For how much should it be sold to make a gain of 15% on the cost price of the house?
Solution
1)
Let x be the cost price of the house.
Then 15%x is the lost on the cost price of the house.
Let 187000 be the sell price of the house
Cost price of the house - loss on the cost price of the house = sell price of the house.
x - 15%x = 187000
x - 0.15x = 187000
0.85x = 187000
Divide both sides of the equation by 0.85
0.85x = 187000
0.85x / 0.85 = 187000 / 0.85
x = 220000
The cost price of the house is 220000
2)
To make a gain of 15% on the cost price, the cost of the house should be 220000 + 220000 * 15%.
220000 × 15% = 33000
220000 + 33000 = 253000
With a gain of 15%, the house will cost 253000