Real Estate Math
A South Carolina property is listed at $340,000. The seller accepts an offer of 97% of list price. Closing costs are $6,500. What are the seller's net proceeds (excluding mortgage payoff)?
A$322,700✓ Correct
B$323,300
C$329,800
D$319,500
Explanation
Sale price = $340,000 × 97% = $329,800. Net proceeds = $329,800 - $6,500 closing costs = $323,300.
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