Real Estate Math
An Iowa buyer's total closing costs are $6,800. The lender allows the seller to contribute up to 3% of the sale price toward closing costs. The sale price is $215,000. How much can the seller contribute?
A$5,000
B$5,950
C$6,450✓ Correct
D$6,800
Explanation
Seller's maximum contribution = $215,000 × 3% = $6,450. Since $6,800 > $6,450, the seller can contribute up to $6,450.
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