Real Estate Math
A property is sold for $275,000. The seller owes $195,000 on the mortgage. Closing costs are $8,000 and the real estate commission is $16,500. What are the seller's net proceeds?
A$54,500
B$55,500✓ Correct
C$56,500
D$57,500
Explanation
Net proceeds = $275,000 − $195,000 − $8,000 − $16,500 = $55,500. Using the values given ($275,000, $195,000), apply the appropriate formula..
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