Real Estate Math
A NJ seller receives a full-price offer of $485,000. After paying 5% commission, $2,000 attorney fee, $1,500 transfer tax, and paying off their $280,000 mortgage, what are the net proceeds?
A$177,250✓ Correct
B$187,750
C$160,000
D$195,000
Explanation
Commission = $485,000 × 0.05 = $24,250.
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