A seller netted $55,000 at closing. if the seller paid costs of $1000 and an 8.5% commission, what was the sale price to the nea
1 answer:
Answer: The sale price to the nearest dollar was $61,202
We arrive at the answer as follows:
The term 'netted' refers to the seller's profits after deducting costs and commissions.
Hence we need to add back these amounts to arrive at the sale price.
Net Proceeds $55,000
<u>Add: Costs $1,000 </u>
Total $56,000
The commission is 8.5%; however commissions are quoted as a percentage of sales price.
Expressed in other words, if the sale price was 100, commissions were 8.5. That would mean that the total above would be the equivalent of
From this we can arrive at the sale price as follows:
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Answer:
Amount deposited at the end of three year will be $4877.8245
Explanation:
We have given principal amount P = $10000
Rate of return = 5 % = 0.05
First take time t = 3 years
So the amount after 3 years
Let the amount of deposit after 3 years = x
So total amount of deposit = 11576.25 + x
Amount after 7 years = $20000
So