Real Estate Math
A seller needs to net $210,000 after paying a 6% commission and $3,500 in other closing costs. What must the property sell for?
A$227,127
B$226,064✓ Correct
C$225,000
D$224,469
Explanation
Net = P × (1 − 0.06) − $3,500 = $210,000. P × 0.94 = $213,500. P = $213,500 ÷ 0.94 = $227,127.94 − $3,500 = $210,000 → P × 0.94 = $213,500 → P = $227,127. Answer: $227,127.
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