What is the total selling price of a property if a seller wants to net $60,000 and incurs total costs of $181,800 with a 7% commission?

What is the total selling price of a property if a seller wants to net $60,000 and incurs total costs of $181,800 with a 7% commission?

• A. $241,800
• B. $260,000
• C. $300,000
• D. $280,000

Answer: (B)

To determine the total selling price of the property, we start with the seller's goal of netting $60,000 after the costs and the commission have been deducted. The total costs that the seller incurs amount to $181,800. This total includes all expenses related to the sale of the property. Additionally, there is a 7% commission that will be calculated based on the selling price of the property. Let’s denote the total selling price as "S". The commission on the selling price would be 7% of "S", which can be expressed mathematically as 0.07 * S. To calculate the net amount the seller receives after the deduction of the costs and the commission, we can set up the following equation: Net Amount = Selling Price - Costs - Commission $60,000 = S - $181,800 - 0.07 * S Now we can combine the terms involving S: $60,000 = S - 0.07S - $181,800 $60,000 = (1 - 0.07)S - $181,800 $60,000 = 0.93S - $181,800 Next, we can isolate the selling price

To determine the total selling price of the property, we start with the seller's goal of netting $60,000 after the costs and the commission have been deducted.

The total costs that the seller incurs amount to $181,800. This total includes all expenses related to the sale of the property. Additionally, there is a 7% commission that will be calculated based on the selling price of the property.

Let’s denote the total selling price as "S". The commission on the selling price would be 7% of "S", which can be expressed mathematically as 0.07 * S.

To calculate the net amount the seller receives after the deduction of the costs and the commission, we can set up the following equation:

Net Amount = Selling Price - Costs - Commission

$60,000 = S - $181,800 - 0.07 * S

Now we can combine the terms involving S:

$60,000 = S - 0.07S - $181,800

$60,000 = (1 - 0.07)S - $181,800

$60,000 = 0.93S - $181,800

Next, we can isolate the selling price