Question

Wally Chin, the owner of an ExxonMobil station, bought a used Ford pickup truck, paying $2,100 as a down payment. He still owes 75% of the selling price. What was the selling price of the truck?

Answer 1

Let's denote the selling price of the truck by "x". We know that Wally Chin paid $2,100 as a down payment, which means he still owes 100% - 75% = 25% of the selling price.

So, we can set up an equation to solve for "x":

25% of x = amount still owed = x - $2,100

We can convert the percentage to a decimal by dividing it by 100:

0.25x = x - $2,100

Subtracting "x" from both sides, we get:

0.75x = $2,100

Dividing both sides by 0.75, we get:

x = $2,800

Therefore, the selling price of the truck was $2,800