The answer is the easy part, but how do I express it in an algebraic formula?

Question

Ken purchased an investment property for 245,000 and sold it at a 12% loss. How much did he sell it for?

Answer 1

He sold it for 88% of the purchase price (after commissions and expenses).

Answer 2

Thanks drwls, I knew the answer, I just don know how to properly express it in an algebraic formula? Thanks