Real Estate Math
A Nevada seller is required to pay the buyer's 2% closing costs out of proceeds. If the sale price is $450,000, what does the seller net after a 5% commission and these closing costs?
A$414,000
B$409,500
C$418,500✓ Correct
D$405,000
Explanation
Commission = 5% x $450,000 = $22,500. Buyer's closing costs = 2% x $450,000 = $9,000. Total deductions = $22,500 + $9,000 = $31,500. Net = $450,000 – $31,500 = $418,500. The answer is $418,500.
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