To find the price of the bicycle when Jeremy bought it on sale, we first need to calculate the amount of the discount.
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Calculate 20% of the original price: \[ 20% \text{ of } 150 = 0.20 \times 150 = 30 \]
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Subtract the discount from the original price: \[ 150 - 30 = 120 \]
The price of the bicycle when Jeremy bought it was $120.00.