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    Hi,

    A house was sold for £120,000 at a 4% loss on the purchase price;
    what was the purchase price?

    I'm almost certain I know the answer but the answers in the book tells me something different. I'm posting on here for a sanity check

    Thanks in advance.
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    £125,000 ?


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    (Original post by Lala_1234)
    £125,000 ?


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    Yup, that's my answer. Book is telling me 124,800!?
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    (Original post by shammy)
    Hi,

    A house was sold for £120,000 at a 4% loss on the purchase price;
    what was the purchase price?

    I'm almost certain I know the answer but the answers in the book tells me something completely different. I'm posting on here for a sanity check

    Thanks in advance.
    What did you do to work it out?
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    The answer calculated 4% of 120,000, not of the purchasing price. From my experience, maths textbooks are full of such errors.
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    (Original post by shammy)
    Yup, that's my answer. Book is telling me 124,800!?
    It'll just be an error in the book. They are full of them. It can be frustrating


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    (Original post by cpdavis)
    What did you do to work it out?
    I did:
    96% = 120,000
    so 1% = 120,000 / 96 = 1250
    100% = 1250 * 100 = 125,000

    They calculated it on the amount first which gives an answer near enough because 4% is small but as that gets larger im guessing so does the error of the answer. I just needed a sanity check as all the other answers in the book seemed okay.
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    (Original post by shammy)
    I did:
    96% = 120,000
    so 1% = 120,000 / 96 = 1250
    100% = 1250 * 100 = 125,000

    They calculated it on the amount first which gives an answer near enough because 4% is small but as that gets larger im guessing so does the error of the answer. I just needed a sanity check as all the other answers in the book seemed okay.
    See I did:

    0.96x=120000

    x= \dfrac{120000}{0.96} = 125000

    I got the same answer as you :yep:
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    Yup I worked it out and the above answer is right. There must be a mistake in your textbook
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    but i got 124 800...

    4% loss means the purchase price is 104% of sold price . so 1.04 x 120 000 and that's how i get there.
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    (Original post by mican)
    but i got 124 800...

    4% loss means the purchase price is 104% of sold price . so 1.04 x 120 000 and that's how i get there.
    I did 120,000 x 1.04 = 24,800 at first.

    But then reading through others posts I can see why people got the other answer too. Infact, the 125,000 I think is correct, because the original value is 100%, the sold value was -4% so 96%. So 120,000 / 0.96 = 125,000. Yeah the latter is correct I think
    x
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    (Original post by Tinkletea)
    I did 120,000 x 1.04 = 24,800 at first.

    But then reading through others posts I can see why people got the other answer too. Infact, the 125,000 I think is correct, because the original value is 100%, the sold value was -4% so 96%. So 120,000 / 0.96 = 125,000. Yeah the latter is correct I think
    x
    yeah,maybe..
    the more i think of it , the more confused i get .
    but that's why people love maths
 
 
 
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