Personal Finance Exam 2 Practice Questions

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Last updated 2:42 PM on 9/25/26
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John has been an active postage-stamp collector for a number of years. A few years ago, he bought a rare U.S. postage stamp for $2700. He has now decided to sell the stamp. If he sells it at an auction and receives $3050 but pays 20% sales commission on the amount received, what will be John’s capital gain or loss?

Loss of $260

  • 3050 - (3050 × 20%) = 2440

  • 2440 - 2700 = -260


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