A seller owes $50,000 on a mortgage but wants to net $20,000 after paying the mortgage and a 7% commission. What must be the minimum selling price of the house?

To find the minimum selling price that the seller needs to achieve $20,000 net after paying off the mortgage and a commission, we need to first calculate the total amount that the seller needs to receive from the sale.

The seller owes $50,000 on the mortgage and wants to net $20,000. Therefore, the total amount that must be obtained from the sale is $50,000 (to pay off the mortgage) plus $20,000 (to achieve the net desired amount), which equals $70,000.

Next, we need to consider the 7% commission on the selling price. Let's denote the selling price as "X." The seller will receive 93% of the selling price after the commission is deducted (100% - 7% = 93%).

To form the equation, we set up the following:

0.93X = $70,000

To find X, we divide both sides by 0.93:

X = $70,000 / 0.93

X ≈ $75,269

This means that the minimum selling price of the house must be approximately $75,269 in order for the seller to net their desired amount after accounting for both the mortgage and the