Real Estate Math
An Idaho home has a list price of $359,000. It sells for 97% of list price. The seller pays 6% commission and $3,100 in other closing costs. What are the seller's net proceeds?
A$321,597✓ Correct
B$325,697
C$327,527
D$329,197
Explanation
Sale price = $359,000 x 97% = $348,230. Commission = $348,230 x 6% = $20,893.80. Other costs = $3,100. Net proceeds = $348,230 - $20,893.80 - $3,100 = $324,236.20.80 = $327,336.20 - $3,100 = $324,236.20.
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