Real Estate Math
A NC seller owes a mortgage balance of $198,000 and the home sells for $310,000. After paying 6% commission and $620 in excise tax, how much does the seller net before other closing costs?
A$92,780✓ Correct
B$93,780
C$86,780
D$93,380
Explanation
Net proceeds = Sale price - Mortgage - Commission - Excise tax = $310,000 - $198,000 - ($310,000 x 0.06) - $620 = $310,000 - $198,000 - $18,600 - $620 = $92,780.
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