Math Snap

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}

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