The Bourassas decide to sell a home for $440,000. They are charged a real estate commission of 8% of the selling price, title insurance that is 1.4% of the selling price, and an escrow fee of $775.
(a)
What amount (in dollars) do the Bourassas receive after fees?
$
(b)
What percentage of the selling price was fees? Round to the nearest tenth of a percent.
%

Question

02-08-2022
Mathematics

contestada

The Bourassas decide to sell a home for $440,000. They are charged a real estate commission of 8% of the selling price, title insurance that is 1.4% of the selling price, and an escrow fee of $775.
(a)
What amount (in dollars) do the Bourassas receive after fees?
$
(b)
What percentage of the selling price was fees? Round to the nearest tenth of a percent.
%

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abdulraziq1534 abdulraziq1534 · Answer 1 · 2022-08-05T08:01:29+02:00

The amount received net of expenses is $397865 and the percentage of the sale price was 10%.

Given that Bourassas decides to sell a house for $ 440,000. You will be charged a real estate fee of 8% of the sale price, property insurance of 1.4% of the sale price, and an escrow fee of $ 775.

The declared retail price is $ 440,000.

Real estate commission = 8% of the sale price

Real Estate Fee = (8/100) × 440000

Real Estate Fee = 8 × 4400

Real Estate Fee = $ 35,200

Security insurance costs of the title = 1.4% of the sale price

Cost of title insurance = (1.4 / 100) × 440 000

Cost of title insurance = 1.4 × 4400

Title Insurance Cost = $ 6160

The escrow fee assigned is $ 775.

(a) In determining the amount received after deducting the sale price of the property commission, title insurance and escrow fees, we receive

Amount received after fees = sale price - real estate commission - title insurance - escrow fees

Amount received after fees = 440000-35200-6160-775

The amount received after fees = $397865

(b) To find the percentage of sale price, add together all the terms real estate commission, title insurance and escrow fees and divide by the sale price we get

Percentage of selling price=((35200+6160+775)/440000)×100

Percentage of sale price = (42135/440000) × 100

Percentage of sale price = 9.57

Percentage of sale price = 10% (rounded down)

Hence Bourassas decides to sell a house for $440,000, then the amount Bourassas will receive after expenses is $397,865 and the percentage of the sale price of expenses is 10%.

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