Real Estate Math
A South Carolina home sells for $320,000. Deed stamps are $1.85 per $500. The 6% commission is split equally between listing and buyer's broker. The seller also pays $2,500 in other closing costs. What are the seller's total closing costs (deed stamps + commission + other costs)?
A$21,184
B$22,884✓ Correct
C$23,684
D$19,200
Explanation
Deed stamps: ($320,000 ÷ $500) × $1.85 = 640 × $1.85 = $1,184. Commission: $320,000 × 0.06 = $19,200. Other costs: $2,500. Total: $1,184 + $19,200 + $2,500 = $22,884.
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