Real Estate Math
A seller in Utah wants to net $300,000 after a 5.5% commission and $3,000 in other costs. What must the property sell for?
A$320,000
B$318,783✓ Correct
C$324,000
D$317,460
Explanation
Net = Sale Price - 5.5% commission - $3,000. $300,000 = SP(0.945) - $3,000. SP(0.945) = $303,000. SP = $303,000 / 0.945 = $320,635.055) = $303,000 / 0.945 = $320,635. Closest = $320,000.
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