Real Estate Math
A South Carolina seller owes $145,000 on their mortgage. The home sells for $225,000. Selling costs are 7% of the sales price. What are the seller's net proceeds?
A$64,250✓ Correct
B$65,250
C$80,000
D$94,250
Explanation
Selling costs: $225,000 × 7% = $15,750. Net proceeds = $225,000 − $15,750 − $145,000 = $64,250.
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