The Carlsons negotiated the following real estate - id5138662, juicecarton

Question

Mathematics: The Carlsons negotiated the following real estate comission on the selling price of their house : 7% for the first $100,000, and 5% for the amount that exceeds $100,000. The realtor recieved a comission of $15,250 for selling the house. What wss the selling price?

juicecarton · Accepted Answer

Therefore the value annuity is $6,564.06.

The interest is $1,164.06.

Step-by-step explanation:

The compound monthly interest formula

$S=P\frac{(1+\frac rn)^{nt}-1}{\frac{r}{n}}$

Here

S= The future value.

P= Periodic investment= $50

r= rate of interest= 4.25%= 0.0425

t = time in year= 9 year.

n= 12 [ Since compounded monthly]

Putting the all values

$S=50\times \frac{(1+\frac{0.0425}{12})^{12\times 9}-1}{\frac{0.0425}{12}}$

$=50\times \frac{(1.0035)^{108}-1}{\frac{0.0425}{12}}$

=$6,564.06 (approx)

Therefore the value annuity is $6,564.06.

The periodic deposit $50 at the end of every month for 9 year.

9 year= (12×9) months

Total deposit =$ (50×12×9)

=$5,400

Interest = Future value - Total deposit

=$(6,564.06-5,400)

=$1,164.06

The interest is $1,164.06.

The Carlsons negotiated the following real estate comission on the selling price of their house :

7% for the first $100,000, and 5% for the amount that exceeds $100,000.

The realtor recieved a comission of $15,250 for selling the house. What wss the selling price?

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