Real Estate Math
A Kentucky buyer makes a $12,000 earnest money deposit on a $380,000 home. What percentage of the purchase price does the earnest money represent?
A2.5%
B3.0%
C3.16%✓ Correct
D3.5%
Explanation
Earnest money percentage = $12,000 ÷ $380,000 = 3.16%. Using the values given ($12,000, $380,000), apply the appropriate formula.. The correct answer is 3.16%.. This is a common calculation on the Kentucky real estate exam.
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