Question

michelle is selling her condo. she needs to make at least $42,000 from the sale so she can make a down payment on a new house. if a 5.5% real estate commission is deducted, what is the lowest offer michelle should accept to get her down payment

Answer 1

Minimum amount she needs = $44,444 (Approx)

Explanation:

Given:

Down payment of house = $42,000

Real estate commission = 5.5%

Find:

Minimum amount she needs

Computation:

Minimum amount she needs = Down payment of house / (100% - Real estate commission)

Minimum amount she needs = [$42,000 / 94.5]100

Minimum amount she needs = $44,444 (Approx)