Real Estate Math
A Kentucky property sells for $425,000. The buyer's closing costs are 3% of the purchase price. The seller's closing costs are 7% of the purchase price. What are the total closing costs?
A$29,750
B$38,250
C$42,500✓ Correct
D$51,000
Explanation
Total closing costs = (3% + 7%) × $425,000 = 10% × $425,000 = $42,500. To solve this, multiply the relevant values: $425,000 at 3%..
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