Real Estate Math
A South Carolina homeowner paid $265,000 three years ago and invested $35,000 in improvements. The home now sells for $350,000 with 5% commission. What is the net gain?
A$32,500✓ Correct
B$27,625
C$37,375
D$29,900
Explanation
Total cost basis = $265,000 + $35,000 = $300,000. Net proceeds = $350,000 − ($350,000 × 5%) = $350,000 − $17,500 = $332,500. Net gain = $332,500 − $300,000 = $32,500.
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