Real Estate Math
A seller's home in Fort Wayne sold for $195,000. The closing costs and broker commission total $14,000. The seller's original mortgage payoff is $122,000. What are the seller's net proceeds?
A$45,000
B$59,000✓ Correct
C$67,000
D$81,000
Explanation
Net proceeds = Sale price − mortgage payoff − closing costs/commissions = $195,000 − $122,000 − $14,000 = $59,000.
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