Question

If you made a 17% profit on the $76,000 sale of a lot, how much did you pay for the lot?

Answer 1

For this case, the total percentage paid for the land is given by:

$100 - 17 = 83$

Then, we can make the following rule of three:

76000 ----------------> 100%

x -----------------------> 83%

From here, we clear the value of x.

The value of x is the amount that was paid for the lot.

We have then:

$x = (83/100) * (76000)\\x = 63080$

Answer:

You paid 63080 $ for the lot