Real Estate Math
A North Dakota seller has a $280,000 outstanding mortgage on a home that appraised for $350,000. If the seller accepts an offer of $345,000, what is the approximate equity gained after paying a 6% commission?
A$40,300
B$44,300✓ Correct
C$58,000
D$65,000
Explanation
Commission = $345,000 × 6% = $20,700. Proceeds after commission = $345,000 − $20,700 = $324,300.
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