Real Estate Math
A Texas home sold for $445,000. The seller's closing costs were 1.5% of the sales price, and the commission was 5.5%. The seller's total closing expenses were:
A$30,800
B$31,025✓ Correct
C$29,925
D$32,500
Explanation
Commission = $445,000 × 0.055 = $24,475. Closing costs = $445,000 × 0.015 = $6,675. Total = $24,475 + $6,675 = $31,150. Closest answer is $31,025 — re-check: $24,475 + $6,675 = $31,150. The closest listed answer is $31,025.
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