Mr. and Mrs. Ogrodnik want to list their house at a price that will net them a minimum of $320,000 after a real estate commission of 5.5% of the selling price. Rounded to the nearest $100, what is the lowest offer they could accept on their home?
3 answers
1.055 * 320,000 = ?
Set up an equation then solve:
320000 = x - x*(.055)
where x is the amount they must sell their house for minus the 5.5 interest rate and still maintain 320000
x = 338624
But it says to round to the nearest $100, so
x = 338600
320000 = x - x*(.055)
where x is the amount they must sell their house for minus the 5.5 interest rate and still maintain 320000
x = 338624
But it says to round to the nearest $100, so
x = 338600
Actually after reading the problem, I think I rounded wrong.
338700 should be the correct answer.
338700 should be the correct answer.
2 answers