Calculate the cost price of a house using the sell price and the loss percent

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