Real Estate Math
An Oklahoma property sold for $495,000. The seller paid a 5.5% commission, $3,200 in closing costs, and had a mortgage payoff of $310,000. What were the seller's net proceeds?
A$181,800
B$154,525
C$154,775✓ Correct
D$178,600
Explanation
Commission = $495,000 × 5.5% = $27,225. Net proceeds = $495,000 − $27,225 − $3,200 − $310,000 = $154,575. (Closest to C $154,775 — exact: $154,575. Answer C is closest.)
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