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If a real estate agent received a commission of 6 percent of the selli

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New post 12 Dec 2014, 07:21
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Tough and Tricky questions: Word Problems.



If a real estate agent received a commission of 6 percent of the selling price of a certain house, what was the selling price of the house?

(1) The selling price minus the real estate agent’s commission was $84,600.
(2) The selling price was 250 percent of the original purchase price of $36,000.

Kudos for a correct solution.

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Re: If a real estate agent received a commission of 6 percent of the selli  [#permalink]

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New post 12 Dec 2014, 09:35
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statement 1: sufficient
not sure how to figure this out but since we are given an equation (selling price-commission=84,600) and we know that the commission was 6%, there's only 1 possibility for the selling price after reading statement 1

statement 2: sufficient
250% of 36,000 = selling price

Answer D!
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Re: If a real estate agent received a commission of 6 percent of the selli  [#permalink]

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New post 12 Dec 2014, 09:45
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Statement 1 : The selling price minus the real estate agent’s commission was $84,600.

S.P (1-6/100) = 84,600 . We can find out the Selling Price. Hence sufficient.

Statement 2 : The selling price was 250 percent of the original purchase price of $36,000.

S.P = 250/100 * 36000. Sufficient.

Hence the answer should be D)
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Re: If a real estate agent received a commission of 6 percent of the selli  [#permalink]

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New post 19 Dec 2014, 12:55
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Solution: Determine Selling Price?

Statement 1: The selling price minus the real estate agent’s commission was $84,600
84600=94% Selling Price - Sufficient

Statement 2: The selling price was 250 percent of the original purchase price of $36,000
Selling Price= 250*36000/100 - Sufficient

Each statement alone is sufficient, Answer D
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Re: If a real estate agent received a commission of 6 percent of the selli  [#permalink]

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New post 19 Nov 2019, 17:52
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Bunuel wrote:

Tough and Tricky questions: Word Problems.



If a real estate agent received a commission of 6 percent of the selling price of a certain house, what was the selling price of the house?

(1) The selling price minus the real estate agent’s commission was $84,600.
(2) The selling price was 250 percent of the original purchase price of $36,000.

Kudos for a correct solution.


Target question: If a real estate agent received a commission of 6 percent of the selling price of a certain house, what was the selling price of the house?


Statement 1: The selling price minus the real estate agent’s commission was $84,600.
Let x equal the selling price of the house. So our goal is to find the value of x
From statement one we can write: x - (6% of x) = 84,600
Simplify: x - 0.06x = 84,600
Simplify: 0.94x = 84,600
Divide both sides by 0.94 to get x = 84,600/0.94

NOTE: We need not actually calculate 84,600/0.94. We need only recognize that we COULD determine the value of x, which means we could determine the selling price of the house.
Since we can answer the target question with certainty, statement 1 is SUFFICIENT


Statement 2: The selling price was 250 percent of the original purchase price of $36,000.
Let x equal the selling price of the house.
We can write: x = 250% of 36,000
In other words: x = (2.5)(36,000)
Once again, we need only recognize that we COULD determine the value of x, which means we could determine the selling price of the house.
Since we can answer the target question with certainty, statement 2 is SUFFICIENT

Answer: D

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Brent
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Re: If a real estate agent received a commission of 6 percent of the selli  [#permalink]

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New post 21 Nov 2019, 08:43
statement 1: sufficient
not sure how to figure this out but since we are given an equation (selling price-commission=84,600) and we know that the commission was 6%, there's only 1 possibility for the selling price after reading statement 1

statement 2: sufficient
250% of 36,000 = selling price

Answer D!
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Re: If a real estate agent received a commission of 6 percent of the selli   [#permalink] 21 Nov 2019, 08:43
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