Ten years ago, Mrs Ong bought a condominium for $1 000 000. Now she intends to sell the condominium to make a profit of 15% on the amount she had paid for.The table below shows the standard commissions of property agents for the sale of condominiums. Buyer paysSeller paysCommission1%2%Her property agent manages to sell the condominium.Mrs Ong makes a bank transfer based on the percentage given in the table above to pay the commission. Calculate the amount of commission paid by Mrs Ong to her property agent.Answer $………………………………
Question
Ten years ago, Mrs Ong bought a condominium for ………………………………
Solution
To calculate the amount of commission paid by Mrs. Ong to her property agent, we first need to determine the selling price of the condominium.
Step 1: Calculate the selling price Mrs. Ong wants to make a profit of 15% on the amount she had paid for the condominium. So, the selling price would be the purchase price plus 15% of the purchase price.
Selling price = Purchase price + 15% of Purchase price Selling price = 1,000,000 Selling price = 150,000 Selling price = $1,150,000
Step 2: Calculate the commission The table shows that the seller pays a commission of 2%. So, the commission would be 2% of the selling price.
Commission = 2% of Selling price Commission = 2% of 23,000
So, Mrs. Ong paid $23,000 to her property agent as commission.
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