Question

A broker obtained a 6% listing on a selling price of $108,000. The seller incurred additional closing costs of $1,450. Based on the preceding information, the seller's total cost of sale would amount to: _______________ .

Answer 1

To find the seller's total cost of sale, add the selling price of the house, the additional closing costs, and the broker's commission.

Step-by-step explanation:

To find the seller's total cost of sale, we need to calculate the broker's commission and add it to the selling price of the house, along with the additional closing costs.

The broker obtained a 6% listing, so the commission would be $108,000 * 0.06 = $6,480.

The total cost of sale would be the selling price ($108,000) + the closing costs ($1,450) + the broker's commission ($6,480) = $108,000 + $1,450 + $6,480 = $115,930.