A realtor earns a 5% commission sale.
If the realtor earned an $8750 commission, what was the price of the home?
My answer: 9,187.5
I'm not sure if I did this right
Nah,you did not buy the house for that.
0.05 x = 8750
x = 8750 / .05
= 875,000 / 5
= 175,000
Thanks!
To find the price of the home, you can use the formula:
Commission = Price * Commission Rate
Here, the commission rate is 5% or 0.05. You are given that the realtor earned a commission of $8750. Let's plug these values into the formula:
8750 = Price * 0.05
To isolate the variable "Price," divide both sides of the equation by 0.05:
Price = 8750 / 0.05
Simplifying the division gives:
Price = 175,000
Therefore, the price of the home was $175,000 (not $9,187.5).