Question

Carlo sold his house for P8,000,000. The real-estate agent got a 5% commission from the sales.

From his commission, he has to pay BIR tax and other obligations required for the transfer of ownership
of the property to the buyer. This expense represents 6% of his total commission. How much net
amount will he receive?​

Answer 1

The net amount received is 7,120,000

Explanation:

The computation of the net amount received is shown below:

= Sale value of the house - real agent commission - expenses

= 8,000,000 - 8,000,000 × 5% - 8,000,000 × 6%

= 8,000,000 - 400,000 - 480,000

= 8,000,000 - 880,000

= 7,120,000

Hence, the net amount received is 7,120,000

The same is relevant