Real Estate Math
A New Mexico property sells for $475,000. The seller pays $285,000 on their loan at payoff. After a 5.5% commission and $7,500 in other closing costs, what are the seller's net proceeds?
A$156,375✓ Correct
B$142,625
C$148,500
D$161,125
Explanation
Commission = $475,000 × 0.055 = $26,125.
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