Real Estate Math
A seller owes $285,000 on a mortgage. The property sells for $375,000, with a 5% broker commission and $8,000 in other closing costs. How much does the seller net?
A$63,250✓ Correct
B$62,250
C$90,000
D$82,750
Explanation
Broker commission = $375,000 × 5% = $18,750. Total costs = $18,750 + $8,000 = $26,750. Proceeds after costs = $375,000 - $26,750 = $348,250. Net after mortgage = $348,250 - $285,000 = $63,250.
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