Real Estate Math
A buyer makes an earnest money deposit of 2% on a $450,000 home. How much is the earnest money deposit?
A$4,500
B$9,000✓ Correct
C$22,500
D$45,000
Explanation
Earnest money = $450,000 × 2% = $450,000 × 0.02 = $9,000. To solve this, multiply the relevant values: $450,000 at 2%.. The correct answer is $9,000.. This is a common calculation on the Minnesota real estate exam.
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