Real Estate Math
A Massachusetts seller nets $285,000 after paying a 5% commission and $8,500 in closing costs. What was the approximate sale price?
A$308,421✓ Correct
B$302,632
C$310,000
D$306,500
Explanation
Let P = sale price. Net = P − 0.05P − $8,500 = $285,000. 0.95P = $293,500. P = $293,500 / 0.95 = $308,947 ≈ $308,421. The seller nets $285,000 after commission and closing costs.
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