Real Estate Math
A Mississippi seller wants to net $215,000 after paying a 6% commission and $3,500 in closing costs. What minimum sales price is needed?
A$230,319✓ Correct
B$227,660
C$234,574
D$218,500
Explanation
Net = Price × (1 - 0.06) - $3,500. $215,000 = Price × 0.94 - $3,500. $218,500 = Price × 0.94. Price = $218,500 ÷ 0.94 = $232,447.94 = $218,500 ÷ 0.94 = $232,447.94 ≈ $232,447. The answer $227,660 = ($215,000 + $3,500) ÷ (1 - 0.06) ≈ correct calculation.
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