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Wally Chin, the owner of an ExxonMobil Station, bought a used Ford pickup truck, paying $2,000 as a down payment. He still owes 80% of the selling price. What was the selling price of the truck?

Answer :

Answer:

$10,000

Step-by-step explanation:

He has paid $2,000 but still owe 80% of the selling price. If he’s owing 80%, this must mean he has paid only 20% and this said 20% translates to the $2,000.

Now, let the selling price be $x. We know that 20% of $x is $2,000. Let’s write this mathematically.

20/100 * x = $2,000

20x = 100 * 2,000

x = (100 * 2,000)/20 = $10,000

The selling price of the truck is $10,000

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