Question

A home seller wants to net $15,000. If he has agreed to pay a 5% commission, the loan payoff is $94,000 and closing costs are $16,000, what must the minimum listing price be? Round to the nearest $100.

Answer 1

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Answer:

  $131,600

Step-by-step explanation:

If the listing price is P, then the net is the difference between that and all of the various costs.

  P -(5%×P) -94,000 -16000 = 15,000

  0.95P = 125,000

  P ≈ 131,600 . . . . . . divide by 0.95

The minimum listing price must be $131,600.