Real Estate Math
A NC seller accepts an offer for $415,000 with a 6% commission. After the commission, excise tax ($830), and $4,200 in closing costs, the seller's net proceeds from a mortgage payoff of $225,000 would be:
A$155,670
B$158,870✓ Correct
C$160,500
D$159,870
Explanation
Commission = $415,000 x 0.06 = $24,900. Net = $415,000 - $225,000 - $24,900 - $830 - $4,200 = $415,000 - $254,930 = $160,070.
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