A seller needs to pay an estimated $2,000 in closing costs, $150,000 on his current mortgage, and wants $58,000 in cash for a down payment on another house. His listing agreement obligates him to pay 7% commission to the brokerage. What is the minimum selling price he can accept? (Round your answer up to the nearest dollar)

To determine the minimum selling price a seller can accept, it is essential to add up all the expenses and desired cash to ensure the seller's needs are met at closing.

First, the seller needs to cover the following costs:

1. Closing costs: $2,000

2. Current mortgage payoff: $150,000

3. Desired cash for a down payment on another house: $58,000

Adding these amounts together gives a total of $210,000 ($2,000 + $150,000 + $58,000).

Next, the seller is also bound by a listing agreement to pay a 7% commission on the selling price. Let the selling price be represented as "X". The commission can be calculated as 0.07 * X.

Since the seller wants to receive $210,000 after paying the closing costs, mortgage payoff, and down payment, we must set up the equation:

X - (0.07 * X) = $210,000.

This simplifies to:

0.93X = $210,000.

To find the selling price (X), divide both sides by 0.93:

X = $210,000 / 0.93,

X ≈ $225