Ratios, Proportion, and Percent ASAP

Question

After real estate fees of 5% had been deducted from the proceeds of a property sale, the vendor of the property received $61, 000. What was the amount of the real estate fee?

Answer 1

The proceeds the vendor received was 95% of the total sale of it. The real estate fees are then 5% of this amount.

Let x=total selling amount

Eq. I:   95% of the total selling amount=61,000

          .95x=61,000

           x=61,000/.95

           x=64,210.53           total selling amount

Eq. II:  5% of x is the real estate fees

           real estate fees=.05x

           real estate fees=(.05)(64,210.53)

           real estate fees=$3,210.53

A check of this would be that the selling amount should equal the proceeds the vendor received plus the real estate fees:

           61,000+3,210.53=64,210.53

           64,210.53=64,210.53      Check!

Therefore, the amount of the real estate fees was $3,210.53.