Real Estate Math
A South Carolina property with a $240,000 mortgage balance sells for $325,000 with 6% total commission and $2,500 in other closing costs. What are the seller's net proceeds?
A$57,500
B$63,000✓ Correct
C$53,550
D$65,000
Explanation
Commission = $325,000 × 6% = $19,500. Total deductions = $240,000 + $19,500 + $2,500 = $262,000. Net proceeds = $325,000 − $262,000 = $63,000.
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