Real Estate Math (alternative)
A Maryland seller owes $175,000 on their mortgage. The home sells for $310,000. Closing costs are $8,500 and commission is 6%. Net proceeds to the seller are:
A$108,900✓ Correct
B$107,900
C$108,100
D$126,500
Explanation
Commission = 6% × $310,000 = $18,600. Total deductions = $175,000 + $8,500 + $18,600 = $202,100.
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