An owner decided to list a time share for $87,500. The broker sold the time share for 6% less than the listed price. The commission totaled $6,580. The percentage rate of the commission is:

Question

Quizplus · Accepted Answer

The broker sold the time share for 6% less than the listed price, which means the selling price was 94% of $87,500, or $82,250. The commission of $6,580 on a selling price of $82,250 results in a commission rate of 8% ($6,580 / $82,250).

An Owner Decided to List a Time Share for $87,500