Real Estate Math
A Colorado home sold for $475,000. Using the rule of thumb that closing costs are approximately 2% of the purchase price for the buyer, what are the buyer's estimated closing costs?
AA. $4,750
BB. $9,500✓ Correct
CC. $14,250
DD. $2,375
Explanation
Buyer's estimated closing costs = $475,000 × 2% = $475,000 × 0.02 = $9,500.
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