Real Estate Math
An investor in New York purchased a property for $500,000 and sold it for $650,000 two years later. After paying a 5% commission and $12,000 in closing costs, what was the net profit?
A$105,500✓ Correct
B$117,500
C$138,000
D$150,000
Explanation
Gross proceeds = $650,000. Commission = $650,000 x 0.
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