The formula to calculate the commission to be paid is given to be:
[tex]Commission=\frac{\text{Commission Percentage}}{100}\times\text{Selling Cost}[/tex]The commission percentage is given to be 4%.
The house is sold for $167,000.
Therefore, we can calculate the commission fee paid to be:
[tex]\begin{gathered} Fee=\frac{4}{100}\times167000 \\ Fee=6680 \end{gathered}[/tex]The commission fee is $6,680
