Real Estate Math
An Indiana property sells for $445,000. The seller owes $220,000 on their mortgage. Closing costs are $18,000. What are the seller's net proceeds?
A$187,000
B$207,000✓ Correct
C$225,000
D$227,000
Explanation
Net proceeds = Sale price − mortgage payoff − closing costs = $445,000 − $220,000 − $18,000 = $207,000.
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