Real Estate Math
A South Dakota seller wants to net $200,000 after paying a 5% commission and $3,000 in closing costs. What must the property sell for?
A$213,684
B$215,789✓ Correct
C$210,526
D$207,000
Explanation
Let P = sale price. P × (1 − 0.05) − $3,000 = $200,000. 0.95P = $203,000. P = $203,000 ÷ 0.95 = $213,684. $203,000 ÷ 0.95 = $213,684.
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