Art sold his house, which was not encumbered with a mortgage. Closing expenses were $5264, and he paid a commission of 7% of the selling price. He received a check at closing for $372316. What did his house sell for?

To determine the selling price of Art's house, we need to reverse calculate based on the information provided about the closing expenses, the commission, and the amount received at closing.

Art received a check for $372,316 at closing. This amount represents the selling price of the house minus both the closing expenses and the commission. The closing expenses were noted as $5,264.

Let’s denote the selling price as "P". The commission is 7% of the selling price, which can be expressed mathematically as 0.07P. Therefore, the total deductions from the selling price, which include both the closing expenses and the commission, can be combined:

Total deductions = Commission + Closing expenses

Total deductions = 0.07P + $5,264

The check Art received can be represented as:

Check amount = Selling price - Total deductions

$372,316 = P - (0.07P + $5,264)

Now, simplifying the equation:

$372,316 = P - 0.07P - $5,264

$372,316 + $5,264 = P - 0.07P

$377,580 = 0.93P

To find the selling