Mr. Tan sold his house for $400 000. He paid the transfer fees that amount to 3% of the selling price and also paid a brokerage fee that is 5% of the selling price. If he also paid $250 000 for the remaining loan amount of the house, how much is Mr. Tan's net proceeds from selling the house?
How much did Mr. Tan pay for the transfer fees? ** Mr. Tan paid $400 000 x 3/100 = $12 000 for the transfer fees.
How much did Mr. Tan pay for the brokerage fee? ** He paid $400 000 x 5/100 = $20 000 for the brokerage fee.
How much did Mr. Tan pay in total? ** So, Mr. Tan paid a total of $12 000 + $20 000 + $250 000 = $282 000 for the transfer, brokerage, and loan fees.
What is Mr. Tan's net proceeds? ** Hence, Mr. Tan's net proceeds is $400 000 - $282 000 = $118 000.
#### 118000