Real Estate Math
A Maryland seller agrees to pay a 6% commission. After all closing costs totaling $18,500, the seller nets $347,500. What was the sale price?
A$369,681
B$388,830
C$390,000✓ Correct
D$391,000
Explanation
Let SP = sale price. Commission = 0.06 × SP. Net = SP – 0.06SP – $18,500 = $347,500. 0.94SP = $366,000. SP = $366,000 ÷ 0.94 = $389,361. Closest is $390,000.
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