Real Estate Math
A Connecticut property sold for $625,000. The seller's attorney charges $1,500, the outstanding mortgage was $310,000, and the real estate commission was 5%. What are the seller's net proceeds?
A$282,250✓ Correct
B$281,750
C$280,250
D$283,750
Explanation
Commission = $625,000 × 5% = $31,250. Net proceeds = $625,000 - $310,000 - $31,250 - $1,500 = $282,250.
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