Question

Rusty sells his home for $330,000. He must pay a 6% brokerage fee which will be split evenly between the selling broker and listing broker. He will also incur $5,000 in other closing costs and pay off a $225,000 mortgage balance. How much can Rusty expect to receive at closing?

Answer 1

Answer:

=$ 80, 200.00

Explanation:

selling price : $ 330,000.00

Commission 6 %:

Commissions paid = 6/100 x $ 330,000.00

     =$19,800.00

Closing costs =: $ 5000.00

Mortgage  paid : $ 225,000

Total payouts:  $19,800 + $50,00+ $225,000

   =$ 249, 800.00

Rusty Expects: $ 330,000.00- $ 249,800.00

   =$ 80, 200.00