posted by sunny on .
I'm really struggling with word problems. I don't know how to set this up.
2. You own a piece of land on which you owe the bank $12,760 to the bank. You decide to sell the land and want enough money to pay off the mortgage of the land. The real estate agent gets 6% of the selling price, and your city has a $400 real estate transfer tax paid by the seller. What should the range of the selling price be for you to get at least enough money to pay off your mortgage? Set up the inequality for this situation and then solve it. Your answer must be in inequality form.
You want the cash out after tax and commission to be at least $12,760.
Let X be the selling price.
Solve this inequality:
0.94 X -400 > 12,760
0.94 X > 13,160
X > $14,000