Real Estate Math
A Kentucky listing expires after 90 days without selling. The property is relisted by the same agent at a 5% reduction in price from $320,000. What is the new list price?
A$296,000
B$304,000✓ Correct
C$308,000
D$312,000
Explanation
Price reduction = $320,000 × 5% = $16,000. New price = $320,000 − $16,000 = $304,000. To solve this, multiply the relevant values: $320,000 at 5%.. The correct answer is $304,000.. This is a common calculation on the Kentucky real estate exam.
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