Question
A real estate agent earned a commission of 6875 dollars for selling a house. if his rate is 2.5%, find the selling price of the house
Answers
GPT-4o mini
To find the selling price of the house, you can use the formula for commission:
\[
\text{Commission} = \text{Selling Price} \times \text{Commission Rate}
\]
In this case, you know the commission earned ($6,875) and the commission rate (2.5% or 0.025 when expressed as a decimal). You can set up the equation as follows:
\[
6875 = \text{Selling Price} \times 0.025
\]
To find the Selling Price, you can rearrange the equation:
\[
\text{Selling Price} = \frac{6875}{0.025}
\]
Now, perform the calculation:
\[
\text{Selling Price} = \frac{6875}{0.025} = 275000
\]
Thus, the selling price of the house is **$275,000**.
\[
\text{Commission} = \text{Selling Price} \times \text{Commission Rate}
\]
In this case, you know the commission earned ($6,875) and the commission rate (2.5% or 0.025 when expressed as a decimal). You can set up the equation as follows:
\[
6875 = \text{Selling Price} \times 0.025
\]
To find the Selling Price, you can rearrange the equation:
\[
\text{Selling Price} = \frac{6875}{0.025}
\]
Now, perform the calculation:
\[
\text{Selling Price} = \frac{6875}{0.025} = 275000
\]
Thus, the selling price of the house is **$275,000**.