Question

Mr. Jones wanted to make a $50,000 profit after paying his first mortgage of $21,275 and paying a 6% commission. What would the sale price have to be?

Answer 1

Answer:

sale price is $75,825

Explanation:

given data

profit = $50,000

first mortgage = $21,275

commission = 6%

solution

we have here 6 % commission

so there will be = 100% - 6% = 94 %

and

total profit = profit + commission

total profit $50,000 + $21,275

total profit = $71,275

so sale price will be

sale price = $\frac{71275}{0.94}$

sale price = $75,825