A shop owner made a loss of 12% when he sold an item for $264. What was the cost price of the item?.​

The cost of the item was $31.68

Step-by-step explanation:

Things to understand for this type of question!

• Converting

• Percentage

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We are trying to find out 12% or $264

Step 1. Use part/whole = part/whole

12% is part of $264 in total

12%/100% = ?/$264

Step 2. Multiply $264 by 12% and divided by 100

12%/100% = $31.68/$264
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Therefore, the shop owner loss $31.68