Real Estate Math
A Maine seller receives $398,500 at closing after paying a 5% commission and a $1,500 closing cost. What was the sale price?
A$418,000
B$420,000
C$421,053✓ Correct
D$422,000
Explanation
Let P = sale price. Net = P − 0.05P − $1,500 = 0.95P − $1,500 = $398,500. 0.95P = $400,000. P = $400,000 ÷ 0.95 = $421,053.
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