A house is selling for $$ \$ 150,000 $$. A deposit of $$ \$ 20,000 $$ was made when the sales contract was signed. The down payment is $$ 30 \% $$ and the balance will be financed with a 25 -year mortgage at $$ 11 \% $$ and 4 discount points. If the sellers are responsible for the broker's commission ( $$ 6 \% $$ of the purchase price); $$ \$ 1,300 $$ in other closing costs; and the existing mortgage, with a balance of $$ \$ 40,000 $$; what proceeds will they receive on the sale of the property? Select one: a. $$ \$ 108,700.00 $$ b. $$ \$ 99,700.00 $$ c. $$ \$ 101,000.00 $$ d. $$ \$ 69,450.00 $$

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**Step 1. Determine the Total Sale Price**

The house sells for  
$$
\$150{,}000
$$

**Step 2. Identify Seller’s Deductions**

The sellers have to pay:
- Broker’s commission of $$6\%$$ of the sale price:
  $$
  0.06 \times 150{,}000 = \$9{,}000
  $$
- Other closing costs:
  $$
  \$1{,}300
  $$
- Existing mortgage balance:
  $$
  \$40{,}000
  $$

**Step 3. Compute Seller’s Net Proceeds**

Subtract the deductions from the sale price:
$$
150{,}000 - 9{,}000 - 1{,}300 - 40{,}000 = 99{,}700
$$

**Final Answer**

The sellers will receive  
$$
\$99{,}700.
$$
The sellers will receive \$99,700.

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