Real Estate Math
A NJ broker earned $18,750 commission on a sale. If the commission rate was 6.25%, what was the sales price?
A$280,000
B$300,000✓ Correct
C$312,500
D$287,500
Explanation
Sales Price = Commission ÷ Rate = $18,750 ÷ 0.0625 = $300,000. To solve this, multiply the relevant values: $18,750 at 6.25%.. The correct answer is $300,000.. This is a common calculation on the New Jersey real estate exam.
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