Answered

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A real estate agent earned a commission of $8120 for selling a house. If his rate is 7%, find the selling price of the house

Sagot :

Answer:

$116,000

Explanations:

Given the following

Commission earned by the real estate agent is $8120

Rate is 7%

Required

The selling price of the house

In order to get the estimated selling price of the house, we will use the formula as shown;

[tex]S\times\frac{r}{100}=C[/tex]

S is the selling price

r is the rate = 7%

C is the Commission = $8120

Substituting the given values into the formula;

[tex]\begin{gathered} S\times\frac{7}{100}=8120 \\ \frac{7S}{100}=8,120 \\ 7S=100\times8,120 \\ 7S=812,000 \\ S=\frac{812,000}{7} \\ S=\$116,000 \end{gathered}[/tex]

This shows that the selling price of the house is $116,000

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