An owner says that he needs to net $25,000 from the sale of his home, where he still owes $253,000. Broker Bailey accepts the li

Question

3 years ago

10

An owner says that he needs to net $25,000 from the sale of his home, where he still owes $253,000. Broker Bailey accepts the li

sting with permission to offer the home for sale at a commission of 6%. What will be the minimum contract price needed to satisfy the seller's needs and pay a 6% commission to Broker Bailey, assuming closing costs of $4,000?a.$272,420b.$282,000c. $298,920d.$300,000

Mathematics

1 answer:

gulaghasi [49] · Answer 1 · 2022-09-05T19:59:25+03:00

gulaghasi [49]3 years ago

6 0

Answer:

$300,000

Step-by-step explanation:

We want a contract price p that will satisfy ...

p - 0.06p -4000 -253000 = 25000

0.94p = 282000

p = 300,000

Bailey needs to obtain a contract with a price of at least $300,000.