Question
If the realtor earned an $10,254.30 commission, what was the price of the home? if they make 5.32% of the profits
Answers
GPT-4o mini
To find the price of the home based on the commission earned and the percentage of the commission, you can use the following formula:
\[
\text{Home Price} = \frac{\text{Commission}}{\text{Commission Rate}}
\]
In your case, the realtor earned a commission of $10,254.30 and the commission rate is 5.32% (which can be expressed as a decimal, 0.0532).
Now, substitute the values into the formula:
\[
\text{Home Price} = \frac{10,254.30}{0.0532}
\]
Calculating this:
\[
\text{Home Price} = 192,500
\]
Therefore, the price of the home was approximately **$192,500**.
\[
\text{Home Price} = \frac{\text{Commission}}{\text{Commission Rate}}
\]
In your case, the realtor earned a commission of $10,254.30 and the commission rate is 5.32% (which can be expressed as a decimal, 0.0532).
Now, substitute the values into the formula:
\[
\text{Home Price} = \frac{10,254.30}{0.0532}
\]
Calculating this:
\[
\text{Home Price} = 192,500
\]
Therefore, the price of the home was approximately **$192,500**.