Help! Algebraic mental block!

[yewberry]

Okay, here's the deal: I'm trying to figure out what the asking price for a house should be if, after a 7% commision, the "profit" to the homeowner would be 300K.

My first impulse is to say that it would be 321K, because 300K*.07= 21K, right? But, 321,000*.07=22,470, which puts the homeowners take at $298,530.

I know that it should be about $322,580, but I can't seem to get my mind around the right equation.

What am I thinking? Can anyone supply the equation that eludes me?

[WCGreen]

1. 300k/.93

[Spider Jerusalem]

2. Don't know about the equation, but the answer is $322,581

[yewberry]

4. You get the answer the same way I do, huh?

I still can't explain the equation!

[WCGreen]

6. The equation is 300,000 / .93........

You start at 1...

Take away the percent....

Which equals 7....

Which leaves you with .93....

322,580.65

[yewberry]

9. Okay, I get it.

Thank you so much!

(I'm afflicted with math anxiety--even if I know the answer, I can't explain how I got there!)

[Spider Jerusalem]

7. Yeah...

I have a sort of intuitive grasp of this sort of thing, but I can't explain how I got the answer if asked for step-by-step proof and QED...that used to REALLY annoy my teachers in school :D

[Floogeldy]

3. SEVEN PER CENT?

That is fucking outrageous.

[yewberry]

11. Um...I'm sorry? Yep, I'm sorry!

Not my house. I guess Seattle agents are making a killing, huh?

[Dangerously Amused]

5. JESUS there are a lot of numbers and math symbol sh!t in this thread!

Thanks, I'll have math nightmares now...


:scared:

[Floogeldy]

8. 2 + 2 = 22

Now, relax. ;)

[Dangerously Amused]

10. Finally, someone who UNDERSTANDS my world!

:hug:

[Floogeldy]

13. .

:hug:

[Brigid]

12. Algebra was invented by the Arabs . . .

and it's a terrorist plot. That's my theory, and I am sticking to it. ;)