Question

Jim has hired a real estate broker to help facilitate the sale of his home. If the broker requires a commission of 6%, how much will Jim clear from the sale (after the commission has been paid) if he is able to sell his house for $478,723? (Assume that Jim has already paid off his mortgage.)

Answer 1

Answer:

Jim will receive 449,999.62

Explanation:

We are going to discount the sales commission from the proceeds of the home, this will be the net cash  received from Jim

                             sales price 478,723

commission 6% of 478,723 = 39723.38

net realizable                       449,999.62

(sales price - commisions)