Real Estate Math
A Virginia seller owes $220,000 on their home. Selling costs are $18,000 and they need to net at least $50,000 after all costs. What is the minimum acceptable sale price?
A$270,000
B$288,000✓ Correct
C$280,000
D$290,000
Explanation
Minimum price = Mortgage + Selling costs + Desired net = $220,000 + $18,000 + $50,000 = $288,000. Using the values given ($220,000, $18,000), apply the appropriate formula.. The correct answer is $288,000.. This is a common calculation on the Virginia real estate exam.
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