Real Estate Math
A South Carolina investor buys a property for $400,000, makes $50,000 in improvements, and sells for $520,000 with 5% selling costs. What is the net profit?
A$38,000
B$44,000✓ Correct
C$37,400
D$70,000
Explanation
Total cost = $400,000 + $50,000 = $450,000. Selling costs = $520,000 × 5% = $26,000. Net proceeds = $520,000 − $26,000 = $494,000. Profit = $494,000 − $450,000 = $44,000.
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