Jay Miller sold his ski house at Attitash Mountain in New Hampshire for $298,000. This sale represented a loss of 18% off the original price. What was the original price Jay paid for the ski house? (Round your answer to the nearest dollar. Omit the "$" sign in your response.)
Instead of simply handing you an answer, how about I give you a procedure you can plug into a calculator very quickly. Deal?
The wording of this questions is very important!
To rephrase the question, since the loss was 18%, 82% of what is $298,000?
Let me give you a short way or formula.
is/of = %/100
is = 298,000
0f = x
298,000/x = 82/100
(cross multiply) 298000*100 = x*82
29,800,000 = 82x
363,414.63 = x
The original price of the ski house was $363,414 rounded to the nearest dollar.
Since the sale represented an 18% loss of the original price, this means that the house was sold for 82% of the original price ( 100% - 18% = 82%)
let x represent the original price of the house, then 82% of x would equal the price the house was sold for ($298,000)
before you write out the equation convert the 82% into decimal form, to do this simply divide 82% by 100% .... 82% / 100% = 0.82
so, the equation would look like the following: (0.82)x = 298,000 (divide both sides by 0.82 to find x)
(0.82)x = 298,000 ===> x = 363,414.63 ≈ 363,415
thus, the original price of the house was $363,415