Real Estate Math
A salesperson earns 60% of a 5% commission on a Rhode Island property that sold for $500,000. What is the salesperson's gross commission?
A$10,000
B$15,000✓ Correct
C$25,000
D$30,000
Explanation
Total commission = $500,000 x 0.05 = $25,000. Salesperson's share = $25,000 x 0.60 = $15,000. To solve this, multiply the relevant values: $500,000 at 60%.. The correct answer is $15,000.. This is a common calculation on the Rhode Island real estate exam.
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