Timothy agrees to list his property to receive at least $100,000 after paying 5% broker's commission and $2,500 closing costs. At what price must it sell?
Correct Answer
C) $107,895.00
Net needed = $100,000 + $2,500 = $102,500. This is 95% of sale price. Sale Price = $102,500 ÷ 0.95 = $107,894.74 ≈ $107,895
Why This Is the Correct Answer
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