SOLUTION: please help me to find out its solution If a broker sells a property where the commission rate is 6% of the 1st $500,000, 5% of the next $500,000 and 4% of any sales price over

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Question 850343: please help me to find out its solution
If a broker sells a property where the commission rate is 6% of the 1st
$500,000, 5% of the next $500,000 and 4% of any sales price over the 1st
$1,000,000, what would be the sales price of the property if the broker received
$120,000 after paying another broker 25% of the total commission earned?
Answer by checkley79(3341) About Me  (Show Source):
You can put this solution on YOUR website!
(.06*500,000+.05*500,000+.04*X).75=120,000
(30,000+25,000+.04X).75=120,000
(55,000+.04X).75=120,000
(41,250+.03X)=120,000
.03X=120,000-41,250
.03X=78,750
X=78,750/.03
X=$2,625,000
TOTAL SELLING PRICE WAS:
1,000,000+2,625,000=$3,625,000