Real Estate Math
A seller wants to net $200,000 after paying a 6% commission and $4,000 in other closing costs. What must the property sell for (approximately)?
A$206,000✓ Correct
B$217,021
C$218,000
D$204,000
Explanation
Net = Sale Price x (1 - 0.06) - $4,000 = $200,000. So Sale Price x 0.94 = $204,000. Sale Price = $204,000 / 0.94 = approximately $217,021.
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