Real Estate Math
A Kansas home sells for $310,000. The seller pays off a mortgage of $195,000 and a second mortgage of $28,000. Closing costs are $12,000. What are the seller's net proceeds?
A$74,000
B$75,000✓ Correct
C$76,000
D$77,000
Explanation
Net proceeds = $310,000 - $195,000 - $28,000 - $12,000 = $75,000. Using the values given ($310,000, $195,000), apply the appropriate formula..
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