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GRE Prep Club Team Member
Joined: 20 Feb 2017
Posts: 2506
Given Kudos: 1055
GPA: 3.39
Lisa bought a house for $70,000 and paid closing costs equal to 2 perc
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19 Jan 2023, 10:35
19 Jan 2023, 10:35
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Question Stats:
50% (01:13) correct
50% (01:51) wrong based on 2 sessions
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Lisa bought a house for $70,000 and paid closing costs equal to 2 percent of the purchase price. Later Lisa sold the house for $82,000 and paid a broker's commission equal to 10 percent of the selling price. What was Lisa's profit from the two transactions?
A. $2,160
B. $2,400
C. $3,600
D. $3,800
E. $12,000
A. $2,160
B. $2,400
C. $3,600
D. $3,800
E. $12,000
Re: Lisa bought a house for $70,000 and paid closing costs equal to 2 perc
[#permalink]
21 Jan 2023, 03:06
21 Jan 2023, 03:06
1
Expert Reply
Closing cost= 2% of purchase price = $1400
Total cost = $71,400
Brokerage = 10% 0f selling price = $8200
Money left after paying brokerage = 82000-8200 = $73,800
Profit = 73,800 - 71,400 = $2400
Option B
Total cost = $71,400
Brokerage = 10% 0f selling price = $8200
Money left after paying brokerage = 82000-8200 = $73,800
Profit = 73,800 - 71,400 = $2400
Option B
gmatclubot
Re: Lisa bought a house for $70,000 and paid closing costs equal to 2 perc [#permalink]
21 Jan 2023, 03:06
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