Who’d believe it?
The housing market goes up, Up, UP!
The prices go up, Up, UP!
So, the commission an estate agent receives goes up, Up, UP! For NO EXTRA WORK!! NONE!!
So, a couple of years ago, the estate agent selling a house valued at, say, $350,000 got a commission of $8,750.
BUT, in the past 2 years, house prices have increased at an INCREDIBLE rate.
So that very same house would now probably be valued at maybe $580,000.
So, to sell it, the agent gets 2.5% of $580,000 which amounts to $14,500.
That’s an increase of $5,750. For NO EXTRA WORK! Not a thing! In fact, the estate agent’s job has actually become far EASIER, not harder!
Teachers can use this type of situation to help their students understand the importance of maths in everyday life. Not understanding it can have very significant financial consequences.
Or is all this too hard for our primary students?
I don’t think so! Do you?