What is the minimum sale price required for a seller to net $30,000 if their loan payoff and closing costs total $90,900 and the broker's commission is 7%?

To determine the minimum sale price required for the seller to net $30,000 after covering their expenses, you first need to calculate the total costs the seller faces, which includes the loan payoff and closing costs, as well as the broker's commission.

The seller wants to net $30,000 after paying off the loan and closing costs, which add up to $90,900. Therefore, the required net amount (which is the total amount after all deductions) can be expressed as:

Net Amount = Sale Price - (Loan Payoff + Closing Costs + Broker's Commission)

The broker's commission is calculated as 7% of the sale price. If we denote the sale price as "X," the equation will look like this:

$30,000 = X - ($90,900 + 0.07X)

Now, let's rearrange this equation:

$30,000 = X - $90,900 - 0.07X

Combine like terms:

$30,000 = (1 - 0.07)X - $90,900 $30,000 = 0.93X - $90,900

Next, we need to isolate X:

$30,000 + $90,900 =