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
