Question

Jennifer wants to net $35,000 on her house. Her closing costs will be 7,500 plus a 7% commission. She owes $185,000 on her loan. What should the sale price be (round to the nearest $1,000)?

Answer 1

7,500 plus the commision is 525 now you add it to the 7,500 that will leave you with 8,025 now you subtract it from 185,000 so the answer will be 176,975

I'm glad if it helps :)

Answer 2

Answer: The sale price would be $228,025.

Explanation:

Since we have given that

Price of her house = $35000

Price of her closing = $7500

Rate of commission = 7%

So, Amount of commission would be

`(7)/(100)* 7500\\\\=7* 75\\\\=\$525`

So, Amount of her closing becomes

\$7500+$525

=\$8025

Amount of her loan = $185000

So, Total sales price would be

$185000+$35000+$8025

=$228025

Hence, the sale price would be $228,025.