Question

A real estate agent earned a commission of $8120 for selling a house. If his rate is 7%, find the selling price of the house

Answer 1

$116,000

Explanations:

Given the following

Commission earned by the real estate agent is $8120

Rate is 7%

Required

The selling price of the house

In order to get the estimated selling price of the house, we will use the formula as shown;

`S*(r)/(100)=C`

S is the selling price

r is the rate = 7%

C is the Commission = $8120

Substituting the given values into the formula;

`\begin{gathered} S*(7)/(100)=8120 \\ (7S)/(100)=8,120 \\ 7S=100*8,120 \\ 7S=812,000 \\ S=(812,000)/(7) \\ S=\$116,000 \end{gathered}`

This shows that the selling price of the house is $116,000