Real Estate Math
A buyer pays $10,500 in closing costs on a $350,000 purchase. What percentage of the purchase price are the closing costs?
A2.5%
B3%✓ Correct
C3.5%
D4%
Explanation
Closing cost percentage = $10,500 ÷ $350,000 = 0.03 = 3%. Using the values given ($10,500, $350,000), apply the appropriate formula.. The correct answer is 3%.. This is a common calculation on the Arkansas real estate exam.
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