Real Estate Math
A Colorado property sells for $550,000. The seller pays 6% commission, has a mortgage balance of $220,000, and closing costs of $3,500. What are the seller's net proceeds?
A$282,500
B$290,500
C$293,500✓ Correct
D$330,000
Explanation
Commission = $550,000 × 6% = $33,000. Net = $550,000 − $33,000 − $220,000 − $3,500 = $293,500. To solve this, multiply the relevant values: $550,000 and $220,000, at 6%.. The correct answer is $293,500.. This is a common calculation on the Colorado real estate exam.
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