Real Estate

An owner lists his home and agrees to pay a 6% commission provided he nets $10,000 after paying the commission and the balance of his mortgage, which is $75,000. To the nearest dollar, what should the selling price be to net the owner his $10,000?

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  1. http://www.jiskha.com/display.cgi?id=1438463103

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    Writeacher
  2. $75,000 Balance
    +10,000 net
    =85,000/.94=$90,425

    Is this correct?

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  3. You can add the $75K and the 10K, then multiply the $85K by 0.06, then add that number to the $85K.

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  4. Well, then, I suppose add another 6% of the 6%.

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  5. Ps-0.06Ps = 75,000 + 10,000.
    0.94Ps = 85,000.
    Ps = $90,426 = Selling price.

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