Real Estate Math
A seller pays off their mortgage balance of $147,500 at closing. The closing costs paid by the seller total $8,200. The sale price is $235,000. What are the seller's net proceeds?
A$79,300✓ Correct
B$87,500
C$226,800
D$78,500
Explanation
Net proceeds = Sale price − Mortgage payoff − Closing costs = $235,000 − $147,500 − $8,200 = $79,300.
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