Real Estate Math
A New Mexico property was purchased for $350,000 and is sold 3 years later for $410,000. After a 6% commission and $5,000 in closing costs, what is the net gain on the sale (before taxes)?
A$30,400✓ Correct
B$31,400
C$55,000
D$60,000
Explanation
Commission = $410,000 × 0.06 = $24,600. Net proceeds = $410,000 - $24,600 - $5,000 = $380,400. Net gain = $380,400 - $350,000 = $30,400.
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