Real Estate Math
A Kentucky seller pays 6% commission on a $335,000 sale and $3,500 in closing costs. If the mortgage balance is $198,000, what are the seller's net proceeds?
A$113,400✓ Correct
B$117,400
C$119,000
D$120,400
Explanation
Commission = $335,000 × 6% = $20,100. Net = $335,000 − $20,100 − $3,500 − $198,000 = $113,400. To solve this, multiply the relevant values: $335,000 and $3,500 at 6%.. The correct answer is $113,400.. This is a common calculation on the Kentucky real estate exam.
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