Real Estate Math
A Michigan seller net sheets show: sale price $310,000, mortgage payoff $195,000, commission 6%, closing costs $3,500. What are the seller's approximate net proceeds?
A$92,900✓ Correct
B$92,100
C$87,800
D$100,000
Explanation
Commission = $310,000 x 6% = $18,600. Net = $310,000 - $195,000 - $18,600 - $3,500 = $92,900. To solve this, multiply the relevant values: $310,000, and $195,000, at 6%.. The correct answer is $92,900.. This is a common calculation on the Michigan real estate exam.
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