Real Estate Math
A New Mexico seller accepts an offer of $445,000. Closing costs are $3,200, commission is 5.5%, and the existing mortgage payoff is $285,000. What are the net proceeds to the seller?
A$132,325✓ Correct
B$130,925
C$131,250
D$132,050
Explanation
Commission = $445,000 x 5.5% = $24,475.
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