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11 Jun 2019, 01:22
Kudos
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B
Be sure to select an answer first to save it in the Error Log before revealing the correct answer (OA)!
Difficulty:
5%
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Question Stats:
91% (01:45) correct
9%
(02:12)
wrong
based on 259
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Lisa bought a house for $70,000 and paid closing costs equal to 2 percent of the purchase price. Later Lisa sold the house for $82,000 and paid a broker's commission equal to 10 percent of the selling price. What was Lisa's profit from the two transactions?
A. $2,160
B. $2,400
C. $3,600
D. $3,800
E. $12,000
A. $2,160
B. $2,400
C. $3,600
D. $3,800
E. $12,000
11 Jun 2019, 01:30
Kudos
Bookmarks
Closing cost= 2% of purchase price = $1400
Total cost = $71,400
Brokerage = 10% 0f selling price = $8200
Money left after paying brokerage = 82000-8200 = $73,800
Profit = 73,800 - 71,400 = $2400
Option B
Total cost = $71,400
Brokerage = 10% 0f selling price = $8200
Money left after paying brokerage = 82000-8200 = $73,800
Profit = 73,800 - 71,400 = $2400
Option B
11 Jun 2019, 05:30
Kudos
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Bunuel
Lisa bought a house for $70,000 and paid closing costs equal to 2 percent of the purchase price. Later Lisa sold the house for $82,000 and paid a broker's commission equal to 10 percent of the selling price. What was Lisa's profit from the two transactions?
A. $2,160
B. $2,400
C. $3,600
D. $3,800
E. $12,000
A. $2,160
B. $2,400
C. $3,600
D. $3,800
E. $12,000
Closing costs = 2% of 70,000 = 2/100*70000 = 1400 $
Net CP = 71,400 $
Selling price = 82,000 $
Commission paid = 10% of 82,000 $ = 10/100*82000 = 8200 $
Net SP = 82,000 - 8,200 = 73,800 $
Profit = SP - CP = 73,800 - 71,400 = 2,400 $
IMO Option B
Pls Hit kudos if you like the solution
