Problema Solution
Jim purchased 2 pieces of property that had been foreclosed on by a local bank
for a total
of $330,000. When he sold these properties, on the
first
piece
Jim
earned a profit of 12%
but on the second piece he lost 8%. His total profit was $18,000. How much did
Jim
pay for each property
Answer provided by our tutors
Let
x = the amount paid for the first piece
y = the amount paid for the second piece
x + y = 330000
0.12x - 0.08y = 18000
........
click here to see the system of equations solved for x and y
........
x = $222,000
y = $108,000
Jim paid $222,000 for the first piece and $108,000 for the second piece of property.