Real Estate Math
A Morgantown, WV property sells for $350,000. The seller pays a 6% commission, $1,500 in other closing costs, and has a remaining mortgage balance of $210,000. What are the seller's net proceeds?
A$100,500
B$117,500✓ Correct
C$95,000
D$118,000
Explanation
Commission = $350,000 x 0.06 = $21,000. Total deductions = $21,000 + $1,500 + $210,000 = $232,500. Net proceeds = $350,000 - $232,500 = $117,500. Check: $350,000 - $232,500 = $117,500.
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