Real Estate Math
A seller wants to net $230,000 after paying a 5.5% commission and $3,500 in seller closing costs. What must the property sell for?
A$247,090
B$245,614✓ Correct
C$243,000
D$246,561
Explanation
Let SP = sales price. Net = SP × (1 – 0.055) – $3,500 = $230,000. SP × 0.945 = $233,500. SP = $233,500 / 0.945 = $247,090. Wait: let's recalculate. SP – (SP × 0.055) – $3,500 = $230,000. SP × 0.945 = $233,500. SP = $247,090. Answer: $247,090 which matches option A but the question shows $245,614 as B. Correct is $247,090.
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