Real Estate Problem: Find original cost, if house sold for $245,000.

[brenmulder]

The problem is: "Savvy Seller asked Best Broker to list a house for 15% more than what was originally paid. The house eventually sells for 11% less than asking price. If Savvy Seller sold the house for $245,000, how much was the original cost?"

 

[ksdhart2]

Just for full disclosure, you also posted this exact problem on Reddit's askmath (link herehttps://www.reddit.com/r/askmath/comments/6qbtuk/real_estate_math_question/). Did you see the answers given there? What, if anything, was not to your liking? I also notice that on that venue, you kindly posted your workings, which you have neglected to do here. For others to peruse at their leisure, your work:

The teacher and most of the class' answer was $239,374.69 . I think the answer is $235,476.92. If I'm wrong, can someone please explain why? Thank you so much!

[...]

Thank you for your reply. Since he was asking for 15% more than was originally paid... Isn't saying 11% less than asking price the same thing as a 4% profit from the original price paid? That was my thinking. So 104/100 = 245000/x which gave me 235,476.92

 

[stapel]

The problem is: "Savvy Seller asked Best Broker to list a house for 15% more than what was originally paid. The house eventually sells for 11% less than asking price. If Savvy Seller sold the house for $245,000, how much was the original cost?"

To learn how to set up and solve "percent of" word problems, try here.