At a certain real estate firm,realtors selling homes receive a commission of 7% for the first 140,000 of the selling price, and 5% for any amount exceeding 140,000. A realtor for the firm received 11,350 for selling a house. What was its selling price? I really do not understand this question can someone please help me?

To solve this problem, we can break it down into two parts:

Part 1: Calculate the commission for the first $140,000:
The realtor receives a commission rate of 7% for the first $140,000. We can calculate this by multiplying the commission rate by the selling price. Let's represent the selling price as 'x'.

Commission for the first $140,000 = 7% of $140,000 = (7/100) * $140,000

Part 2: Calculate the commission for the amount exceeding $140,000:
For any amount exceeding $140,000, the realtor receives a commission rate of 5%. Since we already calculated the commission for the first $140,000, we can subtract it from the total commission to find the remaining commission on the amount exceeding $140,000.

Commission for the amount exceeding $140,000 = Total commission - Commission for the first $140,000 = $11,350 - (7/100) * $140,000

Now, let's calculate the selling price by combining both parts of the commission:

Selling price = Commission for the first $140,000 + Commission for the amount exceeding $140,000

Selling price = (7/100) * $140,000 + $11,350 - (7/100) * $140,000

Simplifying the equation, we have:

Selling price = (7/100) * $140,000 + $11,350 - (7/100) * $140,000
Selling price = $9,800 + $11,350
Selling price = $21,150

Therefore, the selling price of the house is $21,150.

To find the selling price of the house, we need to break down the commission received by the realtor into two parts: the commission for the first $140,000 and the commission for the remaining amount.

Let's start by calculating the commission for the first $140,000 using the given commission rate of 7%.

Commission for the first $140,000 = 7% of $140,000

To calculate 7% of $140,000, we can multiply $140,000 by 0.07:

Commission for the first $140,000 = $140,000 * 0.07

Next, we need to calculate the commission for the amount exceeding $140,000. The commission rate for this portion is 5%.

To find the amount exceeding $140,000, we subtract $140,000 from the selling price.

So, let's assume the selling price of the house is 'X'. Then the amount exceeding $140,000 would be X - $140,000.

Now, we can calculate the commission for the amount exceeding $140,000:

Commission for the amount exceeding $140,000 = 5% of (X - $140,000)

Finally, we can add both commissions together to find the total commission received by the realtor:

Total commission = Commission for the first $140,000 + Commission for the amount exceeding $140,000

We know that the realtor received $11,350 as a commission, so we can set up the equation:

$11,350 = Commission for the first $140,000 + Commission for the amount exceeding $140,000

Now we have everything we need to solve for X, the selling price of the house.

$140,000(.05) + X(.07) = $11,350

Solve for X and add solution to $140,000.

I hope this helps. Thanks for asking.