Question

Add a real estate agency and agent sold a house for $317,000 the commission rate is 4.5% for the real estate agency and the commission rate for the agent is 30% of the amount of the real estate agent gets how much did the agency make on the house how much did the agent earning commission commission

Answer 1

The real estate agency's commission from the sale of a house at $317,000 with a commission rate of 4.5% is $14,265. The agent's commission, being 30% of the agency's commission, is $4,279.50.

Step-by-step explanation:

To calculate the commission for both the real estate agency and the agent from the sale of a house at $317,000, we need to apply the given commission rates.

Agency's Commission

The real estate agency's commission rate is 4.5%. Therefore, the commission the agency gets is calculated by multiplying the sale price by the commission rate:

Agency Commission = Sale Price x (Agency Commission Rate / 100)

Agency Commission = $317,000 x (4.5 / 100)

Agency Commission = $14,265

Agent's Commission

The agent's commission rate is 30% of what the agency earns. To find the agent's commission, we use the formula:

Agent Commission = Agency Commission x (Agent's Commission Rate / 100)

Agent Commission = $14,265 x (30 / 100)

Agent Commission = $4,279.50

The real estate agency made $14,265 on the house, and the agent earned $4,279.50 in commission.