Real Estate Math
A seller received $345,000 from the sale of their home. After paying a 5.5% commission and $3,200 in closing costs, what was the net amount to the seller?
A$307,325
B$322,825✓ Correct
C$323,125
D$326,625
Explanation
Commission = $345,000 × 0.055 = $18,975. Net = $345,000 − $18,975 − $3,200 = $322,825. To solve this, multiply the relevant values: $345,000 and $3,200 at 5.5%.. The correct answer is $322,825.. This is a common calculation on the Iowa real estate exam.
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