Question

Salesman Scott received $2,792.79 for selling a property. If the gross commission was 6.5 % of the sale price, the listing salesman received 12% of the gross commission and Scott received 45% of the balance, how much did the property sell for?

Answer 1

Answer: The property sold for $5,870.41.

Step-by-step explanation:

Let x be the selling price of the property.

Then, gross commission = 6.5% of x = 0.065x

listing salesman received = 12% of ( 0.065x)  = 0.12 (0.065x) = 0.0078 x

Balance = x - ( 0.065x) -  (0.0078 x)

= (1+0.065-0.0078)x

= 1.0572x

Scott received = 45% of (1.0572x)

=0.45 (1.0572x)

= 0.47574x

Now, $0.47574x=2,792.79$

$\Rightarrow\ x=\dfrac{2792.79}{0.47574}\\\\\Rightarrow\ x=5870.41$

Hence, the property sold for $5,870.41.