David Saks: October 2008

David Saks - Real Estate Broker - The Real Estate Mart of Tennessee, Inc. - 4040 North Watkins-Suite #4 - Memphis, Tennessee 38127 - Phone (901) 357-4663

Real Estate Math Class : Lesson 98

                                                                math

The commission rate for selling a condominium was 5% of the first 100 thousand dollars and 2.5% for anything over that amount. The brokers commission was $7,300

What did the condominium sell for ?

Answers below the wildlife photos. Please take your time.

wildlife

A. $192,000

Let's see what the commission on 100k is by multiplying 5% times 100k, and we get 5000 dollars.

Now, subtract 5000 from the 7300 commission and that leaves us with 2300 dollars.

If you divide the 2300 difference by the 2.5% commission rate for anything over 100k, we now get 92k.

Add the 92k to the 100k and we find that the condominum sold for 192k.




David Saks



Time&Temp Memphis

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Comment balloon 0 commentsDavid Saks • October 29 2008 09:30PM
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