Real Estate Math
A buyer's earnest money of $5,000 is 2% of the purchase price. What is the purchase price?
A$200,000
B$225,000
C$250,000✓ Correct
D$275,000
Explanation
Purchase price = Earnest money ÷ rate = $5,000 ÷ 0.02 = $250,000. To solve this, multiply the relevant values: $5,000 at 2%.. The correct answer is $250,000.. This is a common calculation on the Georgia real estate exam.
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