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To solve this problem, we need to calculate the net proceeds the seller will receive after accounting for the broker's commission and the existing mortgage balance.

### Step 1: Calculate the Broker's Commission
The broker's commission is 6% of the sale price.
\[
\text{Broker's commission} = 150,000 \times 0.06 = 9,000
\]

### Step 2: Subtract the Existing Mortgage Balance
The seller needs to pay off an existing mortgage balance of $60,000.

### Step 3: Calculate the Net Proceeds
The net proceeds are found by subtracting both the broker's commission and the mortgage balance from the sale price.
\[
\text{Net proceeds} = 150,000 - 9,000 - 60,000 = 81,000
\]

Therefore, the proceeds the sellers will receive on the sale of the property is **$81,000**.

Would you like further details or have any questions?

### Related Questions
1. What would the proceeds be if the broker's commission was 5% instead of 6%?
2. How would the net proceeds change if the sale price increased to $175,000?
3. What if the mortgage balance was $50,000 instead of $60,000?
4. How would the calculation differ if the seller agreed to cover closing costs as well?
5. How does the percentage of commission affect the final proceeds?

### Tip
Always remember to factor in additional fees or outstanding balances when calculating net proceeds from a sale.

A house is selling for $150,000. A deposit of $20,000 was made when the sales contract was signed. The down payment is 10%, and the buyer will finance the rest through a 30-year mortgage at 4.25% and 4 discount points. If the sellers are responsible for the broker's commission (6% of the sales price) and must pay off an existing mortgage with a balance of $60,000, what proceeds will they receive on the sale of the property?

Learn how to calculate the net proceeds on the sale of a $150,000 property, accounting for a 6% broker's commission and an existing mortgage balance of $60,000. Includes step-by-step solution suitable for Grades 11-12.

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