QuestionA seller got \$ 321,480 after a 6% broker fee. What was the sale price? Options: \$ 342,000, \$ 345,000, \$ 340,000, \$ 341,000.

Studdy Solution

STEP 1

Assumptions1. The seller received $321,480 after a6% deduction for the broker's fee. . The sale price is one of the following$ 342,000, $345,000,$ 340,000, $341,000.
3. The broker's fee is calculated as a percentage of the sale price.

STEP 2

First, we need to find the sale price. We can do this by dividing the amount the seller received by (1 - the broker's fee rate).
$Sale\, price = \frac{Amount\, received}{1 - Broker's\, fee\, rate}$

STEP 3

Now, plug in the given values for the amount received and the broker's fee rate to calculate the sale price.
$Sale\, price = \frac{\$321,480}{1 -6\%}$

STEP 4

Convert the percentage to a decimal value.
$6\% =0.06$ $Sale\, price = \frac{\$321,480}{1 -0.06}$

STEP 5

Calculate the denominator.
$1 -0.06 =0.94$ $Sale\, price = \frac{\$321,480}{0.94}$

STEP 6

Calculate the sale price.
$Sale\, price = \frac{\$321,480}{0.94} = \$342,000$ The sale price was $342,000.

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QuestionA seller got \$ 321,480 after a 6% broker fee. What was the sale price? Options: \$ 342,000, \$ 345,000, \$ 340,000, \$ 341,000.

Studdy Solution

STEP 1

Assumptions1. The seller received $321,480 after a6% deduction for the broker's fee. . The sale price is one of the following$ 342,000, $345,000,$ 340,000, $341,000.
3. The broker's fee is calculated as a percentage of the sale price.

STEP 2

First, we need to find the sale price. We can do this by dividing the amount the seller received by (1 - the broker's fee rate).
$Sale\, price = \frac{Amount\, received}{1 - Broker's\, fee\, rate}$

STEP 3

Now, plug in the given values for the amount received and the broker's fee rate to calculate the sale price.
$Sale\, price = \frac{\$321,480}{1 -6\%}$

STEP 4

Convert the percentage to a decimal value.
$6\% =0.06$ $Sale\, price = \frac{\$321,480}{1 -0.06}$

STEP 5

Calculate the denominator.
$1 -0.06 =0.94$ $Sale\, price = \frac{\$321,480}{0.94}$

STEP 6

Calculate the sale price.
$Sale\, price = \frac{\$321,480}{0.94} = \$342,000$ The sale price was $342,000.

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QuestionA seller got \$ 321,480 after a 6% broker fee. What was the sale price? Options: \$ 342,000, \$ 345,000, \$ 340,000, \$ 341,000.

Studdy Solution

STEP 1

STEP 2

First, we need to find the sale price. We can do this by dividing the amount the seller received by (1 - the broker's fee rate).Sale price=Amount received1−Broker′s fee rateSale\, price = \frac{Amount\, received}{1 - Broker's\, fee\, rate}Saleprice=1−Broker′sfeerateAmountreceived​

STEP 3

Now, plug in the given values for the amount received and the broker's fee rate to calculate the sale price.Sale price=$321,4801−6%Sale\, price = \frac{\$321,480}{1 -6\%}Saleprice=1−6%$321,480​

STEP 4

Convert the percentage to a decimal value.6%=0.066\% =0.066%=0.06Sale price=$321,4801−0.06Sale\, price = \frac{\$321,480}{1 -0.06}Saleprice=1−0.06$321,480​

STEP 5

Calculate the denominator.1−0.06=0.941 -0.06 =0.941−0.06=0.94Sale price=$321,4800.94Sale\, price = \frac{\$321,480}{0.94}Saleprice=0.94$321,480​

STEP 6

Calculate the sale price.Sale price=$321,4800.94=$342,000Sale\, price = \frac{\$321,480}{0.94} = \$342,000Saleprice=0.94$321,480​=$342,000The sale price was $342,000.

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First, we need to find the sale price. We can do this by dividing the amount the seller received by (1 - the broker's fee rate).
$Sale\, price = \frac{Amount\, received}{1 - Broker's\, fee\, rate}$

Now, plug in the given values for the amount received and the broker's fee rate to calculate the sale price.
$Sale\, price = \frac{\$321,480}{1 -6\%}$

Convert the percentage to a decimal value.
$6\% =0.06$ $Sale\, price = \frac{\$321,480}{1 -0.06}$

Calculate the denominator.
$1 -0.06 =0.94$ $Sale\, price = \frac{\$321,480}{0.94}$

Calculate the sale price.
$Sale\, price = \frac{\$321,480}{0.94} = \$342,000$ The sale price was $342,000.