A realtor receives a commission of $1O,120 for selling a house. What is the selling price?

Question

Real Estate commission. The following is a typical real estate commission on the selling price of a house:
7% for the first $100,000 and 4% for the amount that exceeds $100,000. A realtor receives a commission of $10,120 for selling a house. What was the selling price?
I am not just looking for an answer here, I would like an explanation as how to figure out a math word problem like this. I know the answer is $178,000 but I'm not sure of the steps or formula to use to get there. I have struggled to do this problem a few ways, with no success, any help or suggestions?

Answer 1

First make a note of the things you know and the things you don't know:

You know that it's a fixed 7% of 100,000
You know that the total commission is 10,120
What you need to know is the amount over 100,000 that the 4% commission is applied to so call that amount x.

Start writing down these things in a equation:

Total Commission = 7% of 100,000 + 4% of the amount over 100,000

Restated with numbers and variables:

10,120 = 7% * 100,000 + 4% * x

10,120 = .07 * 100,000 + .04x

10,120 = 7000 + .04x

10,120 - 7000 = .04x

3120 = .04x

3120/.04 = x

78,000 = x

Remember that x is the amount over 100000 so you have to add that to the 78,000 to get 178,000.

Answer 2

you will negotiate a itemizing value with a realtor of 6-7%. that realtor will conform to share a million/2 of that with whomever works with the customer. The agent who has to bodily teach abode to purchaser and draft furnish for purchaser gets the different 0.5. broker pays the finished 6-7% directly to itemizing broking provider on the ultimate out of proceeds from sale. You on no account even see itemizing broking provider decrease the verify to purchaser's agent. in case you place an advert on craig record soliciting for emails from brokers prepared to record for 5% you will get some responses. it is a superb sort of money and a huge reason for that's it is contingent. meaning it purely gets paid if abode sells. Realtor costs may well be plenty much less if no longer contingent. yet what broker desires to pay a value if abode does not sell? we are all affordable that way. So we purely pay larger value interior the tip.

Answer 3

7% of $100,000 = $7000
$10,120 - $7000 - $3120
$3120 X 25 = $78,000
$100,000 + $78,000 = $178,000

Answer 4

100,000 + Z = Price

.07 x (100,000) + .04 x (Z) = 10,120

$7,000 + (.04)Z = 10,120
(.04) Z = 3120
Z = 3120 / .04
Z = 312000 / 4
Z = 78,000

So Z + 100,000 = $178,000

Answer 5

7% of $100,000
100000*.07 = 7000

10,120-7000 = 3,120
X*0.04=3120
x=3120/.04= 78000
100000+78000=178,000

Answer 6

100,000 x.07=7,000 3,120/.04=78,000

You know the first 100,000 will be 7,000.

Just divide the remaining commission by 4%

Add 100,000 to 78,000

Answer 7

ok 100K 7% so its just 7K fixed

the next amount is 78K, and she gets 4% of that or 3,120

so yeah 10, 120

Answer 8

ask my mom
shes a real estate angent with a brokers degree also

Answer 9

$178,000