A family's house was sold for $300,000. How much money will they have after they pay their real estate agent a 5% commission?
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Example 1: The Stettnisch family's house was sold for $300,000. How much money will they have after they pay their real estate agent a 5% commission?
Analysis: Commission is paid to an employee or company as an incentive to sell more. A commission is generally a percentage of sales. The real estate agent was hired by the Stettnisch family to sell their house for a 5% sales commission.
Solution: ($300,000)*(0.05) = $15,000 and $300,000 - $15,000 = $285,000
Answer: The Stettnisch family will have $285,000.00 after they pay their real estate agent.
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