Question

/99187236/real-estate-national-exam... A seller wants to sell his house and pay off a mortgage of $43,000. He will have attorney's fees of $2,500, and he needs to net $30,000 cash. If he has to pay a 6% commission to his broker, what does the selling price need to be? Select one: A. $80,319 B. $80,030 C. $80,000 D. $85,000

Answer 1

A. $80,319

Step-by-step explanation:

As for the information provided, we have:

Mortgage amount to be Paid = $43,000

Attorney's fees = $2,500

Cash required to be in hand = $30,000

Commission to be paid = 6% of selling value.

Therefore, let selling value be X

Then:

X - $43,000 - $2,500 - 0.06X = $30,000

0.94X = $30,000 + $2,500 + $43,000 = $75,500

X = $75,500/0.94 = $80,319

Therefore, the selling price of the house shall be $80,319