A lot 80 feet wide and 200 feet deep is sold at $500 per front foot. Commission is 10% of sales price, and the selling salesperson receives 60% of the commission. What does the salesperson receive?
Answer is $2400
I don't get that with your explanation.
Your answer is correct if we assume that the frontage is 80 feet. The problem isn't clear about which number to use for the front feet.
To find out what the salesperson receives, we need to follow a series of steps:
Step 1: Calculate the total sale price of the lot.
The lot is 80 feet wide and 200 feet deep, so its total area can be calculated as:
Area = Width × Depth = 80 ft × 200 ft = 16,000 sq ft
Since the sale price is $500 per front foot, and there are 80 front feet, the total sale price of the lot can be found by multiplying the total area by the price per square foot:
Total Sale Price = Area × Price per front foot = 16,000 sq ft × $500/ft = $8,000,000
So, the total sale price of the lot is $8,000,000.
Step 2: Calculate the commission.
The commission is 10% of the sales price. To find the commission, we multiply the sales price by 10%:
Commission = 10% × Total Sale Price = 10% × $8,000,000 = $800,000
So, the commission is $800,000.
Step 3: Calculate the salesperson's share of the commission.
The salesperson receives 60% of the commission. To find the salesperson's share of the commission, we multiply the commission by 60%:
Salesperson's Share = 60% × Commission = 60% × $800,000 = $480,000
Therefore, the salesperson receives $480,000.
I assume the front foot is the perimeter of the lot.
2(80 + 200) = 560 feet
560 * 500 * 0.1 = $_________ commission
Multiply the commission by 0.6 to find the salesperson's money.