Real Estate Math
A seller accepts an offer of $310,000 on their home. The seller's existing mortgage balance is $195,000. Closing costs are $8,000, and the real estate commission is 6%. How much does the seller net from the sale?
A$88,400✓ Correct
B$86,400
C$107,000
D$92,400
Explanation
Commission = $310,000 × 6% = $18,600. Net = $310,000 − $195,000 − $8,000 − $18,600 = $88,400.
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