Question

Dain and Sheryl's home sold for $751,150. They owe $657,900 on their mortgage. What will their net be after they pay $24,500 in expenses and a 6.8% commission?

Answer 1

The net amount will be $17671.80.

Explanation:

The selling price of the home = $751150

Mortgage payment = $657900

Expenses worth of = $24500

Now there is a 6.8% commission on sales price.

The commission is =
`0.068*751150=51078.20`

Price after commission remains =
`751150-51078.20=700071.80` dollars

Subtract the mortgage that has to be paid =

`700071.80-657900=42171.80` dollars

Now, subtracting the expenses to get the net amount =

`42171.80-24500=17671.80` dollars

Therefore, the net amount will be $17671.80.

Answer 2

$751,150 -6.8%*751,150 -657,900 -24,500 = $17,671.80

Their net profit is $17,671.80.