Question

A broker pays his salespeople 25 percent of the commission for listing a property and 40 percent of the

commission for selling it. If the commission rate is 6 percent and a salesperson received $3,265.28 on a

property that he sold, what was the sales price? (Round answer to nearest dollar.)

Answer 1

Answer: The sales price was $83,725

Step-by-step explanation: The commission rate for selling the property has been given as 6 percent of the sales price.

If the salesperson received a total of 3265.28, (which is 25% + 40% = 65% of the commission) then that means he has received the amount calculated as follows;

(3265.28/x) = 65/100

(Where x is the commission earned)

By cross multiplication we now have

(3265.28 x 100)/65 = x

5023.5 = x

Having calculated the commission as $5023.5, we remember that the commission rate is 6%, and hence, to calculate the sales price (which is 100%) we take the following steps;

(5023.5/y) = 6/100

(Where y is the total sales figure)

By cross multiplication we now have

(5023.5 x 100)/6 = y

83725 = y

Therefore, the sales price was, $83,725