The translators probably took the prominent views from Tafsir, for example see Ibn Kathir.
For linguistic derivation, there are some pointers in the Arabic-English Lexicon by Edward William Lane (http://www.tyndalearchive.com/tabs/lane/)
Hebrew wording referred here might be related to Tselah (Tsaud Lamed He) cognate to Arabic Salah
Here are some Hadith which use the word.
Regarding the arabic بيعٌ, The lexicon doesn't provide any details:
But it is possibly linked to the Hebrew Bea.