Kevin Sold Property with an Adjusted Basis of $58,000

Multiple Choice

Kevin sold property with an adjusted basis of $58,000.The buyer assumed Kevin's existing mortgage of $40,000 and agreed to pay an additional $60,000 consisting of a cash down payment of $40,000,and payments of $4,000,plus interest,per year for the next 5 years.Kevin paid selling expenses totaling $2,000.What is Kevin's gross profit percentage?

A) 33 1/3%
B) 40%
C) 60%
D) 66 2/3%