Real Estate Math
A Maine property sold for $390,000. The seller paid the buyer's closing costs of $4,500, a 5% commission, and had a mortgage balance of $220,000. What were the seller's net proceeds?
A$139,500
B$145,500✓ Correct
C$146,000
D$150,000
Explanation
Commission = $390,000 × 5% = $19,500. Net = $390,000 − $4,500 − $19,500 − $220,000 = $146,000. The correct answer is $145,500.
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