SmarterEd

Aussie Maths & Science Teachers: Save your time with SmarterEd

v1 Financial Maths, STD2 F1 2022 HSC 21

A real estate agent's commission for selling houses is 2% for the first $900 000 of the sale price and 1.5% for any amount over $900 000.

Calculate the commission earned in selling a house for $1 200 000.  (2 marks)

Show Answers Only

\(\$22\ 500\)

Show Worked Solution
\(\text{Commission}\) \(=900\,000 \times 2 \%+(1\,200\,000-900\,000) \times 1.5 \%\)
  \(=900\,000 \times 0.02+300\,000 \times 0.015\)
  \(=18\,000+4500\)
  \(=\$ 22\,500\)