Real Estate Math
A North Dakota seller agrees to pay all of the buyer's closing costs estimated at $8,500. If the purchase price is $285,000, what is the effective net price to the seller before mortgage payoff?
A$268,000
B$276,500✓ Correct
C$280,500
D$285,000
Explanation
Effective net price = Purchase price − Buyer's closing cost concession = $285,000 − $8,500 = $276,500.
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