Final answer:
The asking price for the home was $187,500.
Step-by-step explanation:
To find the asking price, we need to determine what 100% represents and then subtract the 20% discount. Let's call the asking price 'x'. The equation to represent the situation is: x - 0.20x = $150,000.
To solve the equation, we combine like terms and then isolate x. This can be done by factoring out x on the left side of the equation: (1 - 0.20)x = $150,000. Simplifying this further, we have 0.80x = $150,000.
Finally, to solve for x, we divide both sides of the equation by 0.80. This gives us: x = $150,000 / 0.80 = $187,500.
Therefore, the asking price for the home was $187,500.