How do I set this up? A realtor sold a home for $345,500. The commission was 55​% of the sale​price; however, the realtor receives only 60% of the commission while 40​% of the commission remains with his broker. Find the amount of commission received by the realtor.

Question
Asked May 2, 2019
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How do I set this up?

 

A realtor sold a home for $345,500. The commission was 55​% of the sale​price; however, the realtor receives only 60% of the commission while 40​% of the commission remains with his broker. Find the amount of commission received by the realtor.

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Expert Answer

Step 1

Given:

The sales price of the house was $345,500.

The commission was discused as 55% of the sales price out of this 55% amount, realtor gets 60% and the broker receives 40%.

Step 2

Calculation:

Compute the total commisionamount as follows.

Since 55% of the sales price is the commision, obtain the 55% of 345,500.

Total commission = $345,500(55%)

                                     = $345,500(0.55)

                                     =$190,025.

Thus, the total commission on the sales of the home is $190,025.

Step 3

It is given that the realtor receives only 60% of the total commission. so compute 60% of $190,025 as follows.

Realtor's commisssion = $190,025(60%)

                                       ...

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