Real Estate Math
A Virginia seller owes $180,000 on their mortgage. The home sells for $320,000. Selling costs are 7% of the sale price. What are the seller's net proceeds?
A$117,600✓ Correct
B$125,600
C$117,400
D$140,000
Explanation
Selling costs = $320,000 × 7% = $22,400. Net before payoff = $320,000 – $22,400 = $297,600. Net proceeds = $297,600 – $180,000 = $117,600.
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