Real Estate Math
An Alaska property sold for $350,000. The seller's remaining mortgage balance was $185,000, commission was 6%, and other closing costs were $2,500. What are the seller's net proceeds?
A$141,500✓ Correct
B$120,275
C$145,500
D$162,725
Explanation
Commission = $350,000 × 6% = $21,000. Net proceeds = $350,000 − $185,000 − $21,000 − $2,500 = $141,500.
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