Real Estate Math
An Iowa property owner owes $125,000 on their mortgage and sells the property for $285,000. After paying a 6% commission and $4,500 in closing costs, what are the proceeds to the seller before paying off the mortgage?
A$238,700
B$263,400✓ Correct
C$263,600
D$263,900
Explanation
Commission = $285,000 × 0.06 = $17,100.
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