Suppose you are interested in selling your home and would like to clear a net value of $300,000. If you have agreed to pay your broker a com

Question

Suppose you are interested in selling your home and would like to clear a net value of $300,000. If you have agreed to pay your broker a commission of 5.5% (no matter who ultimately is responsible for finding the buyer), what price must you sell the home for in order to meet your net profit (rounded to the nearest dollar)?

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Adalyn 3 weeks 2021-09-27T12:59:01+00:00 1 Answer 0

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    2021-09-27T13:00:32+00:00

    Answer:

    I need to sell the home for the price of $317,460.

    Step-by-step explanation:

    I need to pay 5.5% of the total to the broker.

    I also want to gain $300,000 as a profit. I need to sell the house in such a price, so that after giving the 5.5% to the broker, i also have $300,000.

    I need to find the value of 100%, where (100 – 5.5) = 94.5% represents  $300,000.

    Hence, 100% = \frac{300000}{94.5} \times 100 = 317460.3.

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