Real Estate Math
An Illinois seller received a net offer of $485,000 after crediting the buyer $8,500 for closing costs. The seller will pay a 5.5% commission. What was the gross contract price before the credit?
A$493,500✓ Correct
B$514,074
C$513,757
D$506,500
Explanation
The net offer to the seller (after buyer's closing cost credit) is the purchase price minus $8,500. The seller also pays 5.
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