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.
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.
