Answer: The purchase price of the property is $112,500.
Step-by-step explanation:
Let the original value of property be 'x'.
Discount rate = 3%
Amount of discount = $2700
According to question, it becomes,
[tex]\dfrac{3}{100}\times x=2700\\\\x=\dfrac{2700\times 100}{3}\\\\x=\$90000[/tex]
Rate of down payment = 20%
So, Remaining rate of payment = 100-20 = 80%
So, Purchase price of the property would be
[tex]\dfrac{80}{100}\times x= 90000\\\\0.8\times x=90000\\\\x=\dfrac{90000}{0.8}\\\\x=\$112,500[/tex]
Hence, the purchase price of the property is $112,500.
