Real Estate Math

A seller's home is listed at $389,000. They receive an offer at 97% of the list price with a 6% commission. What is the seller's net proceeds before other closing costs?

A$353,267

B$354,690✓ Correct

C$356,491

D$365,660

Explanation

Offer price = $389,000 × 0.97 = $377,330. Commission = $377,330 × 0.06 = $22,639.80. Seller's net = $377,330 − $22,639.80 = $354,690.

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