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25 April, 05:04

A broker lists a property for $87,500 at 7% commission on the first $50,000 and 5% on the balance. The property sells for 4% less than asking price. What commission was earned?

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  1. 25 April, 07:35
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    The commision earned for the broker will be of 4,860 dollars

    Explanation:

    First, we solve for the selling price

    the property sold at 4% less that is

    87,500 x (1 - 0.04) = 84,000

    Now we calculate the commision

    the commision is 7% on the first 50,000 and the n 4% for the rest:

    50,000 x 7% = 3,500

    (84,000 - 50,000) x 4% = 1,360

    total commision 3,500 + 1,360 = 4,860
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