Eric sold his house through an agent who charged 8% commission on the selling price. If Eric received $117,760.00 after the sale, what was the selling price...

Eric sold his house through an agent who charged 8% commission on the selling price. If Eric received $117,760.00 after the sale, what was the selling price of the house? 

Answer Details

The commission charged by the agent is 8% of the selling price. This means that the remaining amount that Eric received after the sale is 92% of the selling price (100% - 8% = 92%). We can set up an equation to solve for the selling price: 92% of selling price = $117,760.00 To solve for the selling price, we can divide both sides by 92% (or multiply by the reciprocal of 92%, which is 100/92): selling price = $117,760.00 ÷ 0.92 Using a calculator, we get: selling price = $128,000.00 Therefore, the selling price of the house was $128,000.00.