If a house was listed for $84,900 and the seller received $71,424 after paying a 7% commission, what was the selling price of the property?

To determine the selling price of the property, we start by recognizing that the seller received $71,424 after a 7% commission was deducted from the selling price. This amount represents 93% of the selling price, since the seller keeps 100% of the sale price minus the 7% commission.

Let’s denote the selling price as SP. The relationship can be expressed mathematically as:

[ \text{Amount received} = \text{Selling price} \times (1 - \text{Commission rate}) ]

Substituting the known values gives us:

[ 71,424 = SP \times (1 - 0.07) ]

[ 71,424 = SP \times 0.93 ]

To find the selling price, we rearrange the equation:

[ SP = \frac{71,424}{0.93} ]

Calculating this yields:

[ SP = 76,800 ]

Therefore, the selling price of the property is $76,800.

This value is slightly lower than the original listing price of $84,900, which is expected after the deduction of the commission. This calculation aligns with the information provided and confirms that the derived selling price accurately reflects