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Question: 1 / 400

Jared has a 70/30 split with his brokerage firm. If he was paid $12,239.50 in commissions from his home sales totaling $538,000, what is his brokerage's commission rate?

2.3%

3.8%

6.5%

7.6%

To determine the brokerage's commission rate, we first need to calculate the total commission earned by Jared based on his commission split and the amount he received. Jared has a 70/30 split, which means he retains 70% of the total commission, while the brokerage firm receives 30%.

To find the total commission, we can use the amount Jared received as follows:

1. Let the total commission be represented as 'X'.

2. Since Jared keeps 70%, we can express this relationship mathematically as:

$ 0.70X = 12,239.50 $.

Next, we solve for 'X':

$ X = \frac{12,239.50}{0.70} $.

$ X = 17,485.00 $.

Now that we know the total commission from Jared’s home sales is $17,485.00, we can calculate the brokerage's commission rate. The brokerage's share (30% of the total commission) is:

$ 0.30 \times 17,485.00 = 5,245.50 $.

To find the commission rate, divide the total commission by the total sales amount:

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