Real Estate Math
A Delaware buyer's earnest money deposit of $12,000 represents 3% of the purchase price. What is the full purchase price?
A$400,000✓ Correct
B$360,000
C$420,000
D$380,000
Explanation
Purchase Price = EMD ÷ EMD Rate = $12,000 ÷ 3% = $12,000 ÷ 0.03 = $400,000.
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