Answer:
The approximate price the seller must sell his home to make the profit he wants is $86,188.5
Explanation:
The given parameters are;
The amount of profit which the seller of the home wants = $35,000
The title expenses = $500
The amount of loan involved =$45,000
The recording fees = $50
The commission paid for the sale = 7%
Therefore, the total cost = $500 + $45,000 + $50 = $45,550
Adding the profit to the cost gives;
$45,550 + $35,000 = $80,550
The 7% is then added to give
Selling price for the home = $80,550 + 7% of $80,550
Which gives;
Selling price for the home = $80,550 + 7/100 × $80,550 = $86,188.5
Therefore, the approximate price the seller must sell his home to make the profit he wants = $86,188.5.
