Dain and Sheryl's net proceeds after they pay $24,500 in expenses and a 6.8% commission would be equal to $17,672.
Mortgage brokering can be defined as a strategic process which typically involves a mortgage broker acting as an intermediary between a financial institution such as a mortgage bank that is offering loans and an individual that seeks to collect (obtain) this loan.
First of all, we would determine the commission on the sale of Dain and Sheryl's home as follows:
Commission = $751,150 × 6.8/100
Commission = $751,150 × 0.068
Commission = $51,078,20
For the net proceeds, we have:
Net proceeds = Price - Mortgage - Costs - Commission
Net proceeds = $751,150 - $657,900 - $24,500 - $51,078
Net proceeds = $17,672.
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