An owner lists her home at a 7% commission rate and wants to net $45,000 after paying the mortgage balance of $68,000 and the broker's commission. To the nearest dollar, what should the selling price be to net her $45,000?

You did a mistake on top in stead of $54,000 it should be $113,000. and then divided .93!

Where does the .93 come from

See previous post: Sat, 8-1-15, 5:01 PM.

To determine the selling price that would allow the owner to net $45,000 after paying the mortgage balance and the broker's commission, we need to perform a series of calculations. Here's how you can find the answer:

Step 1: Calculate the broker's commission:
The commission rate is 7%, so we can calculate the broker's commission by multiplying the selling price by 7%: 7% * selling price.

Step 2: Determine the remaining amount after paying the mortgage balance and the broker's commission:
To find the remaining amount after paying the mortgage balance and the broker's commission, subtract these amounts from the selling price: selling price - mortgage balance - broker's commission.

Step 3: Set up an equation to find the selling price:
The equation should equal $45,000, as the owner wants to net that amount after all expenses are deducted: selling price - mortgage balance - broker's commission = $45,000.

Step 4: Solve the equation for the selling price:
Now, we can substitute the known values into the equation and solve for the selling price:
selling price - $68,000 - (7% * selling price) = $45,000.

Step 5: Simplify and solve for the selling price:
To simplify the equation, let's convert 7% to a decimal by dividing it by 100: 0.07 * selling price.
Now, we can rewrite the equation:
selling price - $68,000 - 0.07 * selling price = $45,000.

Step 6: Combine like terms:
Combine the two terms with selling price:
0.93 * selling price - $68,000 = $45,000.

Step 7: Isolate the selling price:
To isolate the selling price, we need to move the $68,000 to the other side of the equation. To do this, we can add $68,000 to both sides:
0.93 * selling price = $45,000 + $68,000.
0.93 * selling price = $113,000.

Step 8: Solve for the selling price:
To solve for the selling price, divide both sides of the equation by 0.93:
selling price = $113,000 / 0.93.

By performing the division, we find that selling price is approximately $121,505.

Therefore, to the nearest dollar, the selling price should be $121,505 in order for the owner to net $45,000 after paying the mortgage balance of $68,000 and the broker's commission.

45,000 net

+54,000 balance
=130,000/.93=$121,505

It this correct?