An agent made a $7, 500 commission for selling a house. The commission rate is 6%.

a. What was the price of the house?
b. if the commission rate is raised to 7%, what commission would the agent make for the price in part (a)?

.06p = 7500

Now using that p, find
.07p
Or, just calculate (7/6)(7500)

Thanks Steve!

To find the price of the house, we can use the formula:

Commission = Commission Rate x Price of the House

Given that the agent made a commission of $7,500 and the commission rate is 6%, we can substitute these values into the formula to solve for the price of the house.

a. Price of the House = Commission / Commission Rate
Price of the House = $7,500 / 0.06
Price of the House = $125,000

Therefore, the price of the house is $125,000.

To find the new commission if the commission rate is raised to 7%, we'll follow the same process.

b. New Commission = Commission Rate x Price of the House
New Commission = 0.07 x $125,000
New Commission = $8,750

Therefore, if the commission rate is raised to 7%, the agent would make a commission of $8,750.