Real Estate Math
A property sold for $550,000. The seller nets $502,800 after paying the real estate commission. What was the commission rate?
AA. 5%
BB. 5.5%
CC. 6%
DD. 8.6%✓ Correct
Explanation
Commission amount = $550,000 − $502,800 = $47,200. Rate = $47,200 ÷ $550,000 = 0.0858 ≈ 8.6%.086 = $47,300 ≈ close. Actually $47,200 ÷ $550,000 = 8.58%.6%.
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