what did the house sell for if the salesperson received $2100.00 as her 1/4 of the 7% commission?
(0.25 * 0.07)x = 2,100
0.0175x = 2,100
x = 2,100 / 0.0175
x = 120,000
To determine the total amount of the commission, we can divide the salesperson's share by the fraction representing her portion of the commission. Since her share is 1/4, we can set up the equation:
Total Commission = Salesperson's Share / Fraction of Commission
Let's solve for the total commission first. We know that the salesperson received $2100, so:
Total Commission = $2100
Now, let's calculate the fraction of the commission. It is given that the commission rate is 7%. To represent this fraction, we divide 7% by 100 to convert it to a decimal:
Fraction of Commission = 7% / 100 = 0.07
Now, we can substitute these values into the equation:
$2100 = Total Commission / 0.07
To isolate the total commission, we can multiply both sides of the equation by 0.07:
Total Commission = $2100 / 0.07
Calculating this expression, we find:
Total Commission = $30,000
Therefore, the house sold for a total of $30,000.
To determine the selling price of the house, we need to work backward from the salesperson's commission. Let's break down the problem step by step:
1. Start by finding out how much 1% of the commission is. Since the salesperson received $2100 as her 1/4 share of the 7% commission, we can divide $2100 by 1/4 (or 0.25) to find the amount equal to 1% of the commission.
$2100 ÷ 0.25 = $8400
This means that 1% of the commission is $8400.
2. Next, we need to find the total commission amount. If 1% of the commission is $8400, then 100% (the whole commission) is 100 times that amount:
$8400 × 100 = $840,000
So, the total commission amount is $840,000.
3. Finally, we can calculate the selling price of the house using the commission rate. If the commission rate is 7%, we divide the total commission amount by 7% (0.07) to find the selling price:
$840,000 ÷ 0.07 = $12,000,000
Therefore, the house sold for $12,000,000.
By breaking down the problem and working through the steps, we can determine that the selling price of the house was $12,000,000.