Real Estate Math
A Michigan seller wants to net $250,000 after paying a 6% commission. What price must the property sell for?
A$265,957✓ Correct
B$265,000
C$266,667
D$260,000
Explanation
Net = Sale Price x (1-0.06). $250,000 = SP x 0.94. SP = $250,000 / 0.94 = $265,957. To solve this, multiply the relevant values: $250,000 at 6%.. The correct answer is $265,957.. This is a common calculation on the Michigan real estate exam.
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