Real Estate Math
A property sells for $450,000. The seller owes $185,000 on their mortgage. After paying a 5% commission and $4,200 in other closing costs, what are the seller's approximate net proceeds?
A$233,300
B$238,300✓ Correct
C$253,000
D$260,800
Explanation
Commission = $450,000 x 5% = $22,500. Total deductions = $185,000 + $22,500 + $4,200 = $211,700. Net proceeds = $450,000 - $211,700 = $238,300.
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