$140,000(.05) + X(.07) = $11,350
Solve for X and add solution to $140,000.
I hope this helps. Thanks for asking.
Solve for X and add solution to $140,000.
I hope this helps. Thanks for asking.
Part 1: Calculate the commission for the first $140,000:
The realtor receives a commission rate of 7% for the first $140,000. We can calculate this by multiplying the commission rate by the selling price. Let's represent the selling price as 'x'.
Commission for the first $140,000 = 7% of $140,000 = (7/100) * $140,000
Part 2: Calculate the commission for the amount exceeding $140,000:
For any amount exceeding $140,000, the realtor receives a commission rate of 5%. Since we already calculated the commission for the first $140,000, we can subtract it from the total commission to find the remaining commission on the amount exceeding $140,000.
Commission for the amount exceeding $140,000 = Total commission - Commission for the first $140,000 = $11,350 - (7/100) * $140,000
Now, let's calculate the selling price by combining both parts of the commission:
Selling price = Commission for the first $140,000 + Commission for the amount exceeding $140,000
Selling price = (7/100) * $140,000 + $11,350 - (7/100) * $140,000
Simplifying the equation, we have:
Selling price = (7/100) * $140,000 + $11,350 - (7/100) * $140,000
Selling price = $9,800 + $11,350
Selling price = $21,150
Therefore, the selling price of the house is $21,150.
Let's start by calculating the commission for the first $140,000 using the given commission rate of 7%.
Commission for the first $140,000 = 7% of $140,000
To calculate 7% of $140,000, we can multiply $140,000 by 0.07:
Commission for the first $140,000 = $140,000 * 0.07
Next, we need to calculate the commission for the amount exceeding $140,000. The commission rate for this portion is 5%.
To find the amount exceeding $140,000, we subtract $140,000 from the selling price.
So, let's assume the selling price of the house is 'X'. Then the amount exceeding $140,000 would be X - $140,000.
Now, we can calculate the commission for the amount exceeding $140,000:
Commission for the amount exceeding $140,000 = 5% of (X - $140,000)
Finally, we can add both commissions together to find the total commission received by the realtor:
Total commission = Commission for the first $140,000 + Commission for the amount exceeding $140,000
We know that the realtor received $11,350 as a commission, so we can set up the equation:
$11,350 = Commission for the first $140,000 + Commission for the amount exceeding $140,000
Now we have everything we need to solve for X, the selling price of the house.