Real Estate Math
A Tennessee property sells for $298,000. Closing costs include: 5.5% commission, $1,200 title insurance, $850 attorney fee, and $1,500 transfer/recordation taxes. What are the total closing costs?
A$19,940✓ Correct
B$19,950
C$20,589
D$16,390
Explanation
Commission = $298,000 × 5.5% = $16,390. Total = $16,390 + $1,200 + $850 + $1,500 = $19,940. (Closest to $19,940. Wait, $16,390 + $3,550 = $19,940. Checking: $19,940. Option 0 is $19,940 which is correct.)
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