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Broker Bob lists a farm measuring one-quarter mile square. The list price is $3,000.00 per acre with a commission of six percent. The land is sold in a cooperative sale for a price of 90% of the list...

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Broker Bob lists a farm measuring one-quarter mile square. The list price is

$3,000.00 per acre with a commission of six percent. The land is sold in a

cooperative sale for a price of 90% of the list price. The buyer applies for a loan

with a 20% down-payment, 30 year term, 5 percent interest and pays 2 discount

points. The two brokers equally share the commission. How much did Broker

Bob receive?

A. $3,240

B. $3,600

C. $6,480

D. $7,200

Answered 291 days After Dec 06, 2021

Solution

Rochak answered on Sep 23 2022
72 Votes
Answer: A. $3,240
List price = $3,000
Quarter square miles = 160 acres
Total value of the property = 160 acres * $3,000
= $480,000
Selling price = $480,000 * 90%
= $432,000
Broker Bob received = $3,240
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