Finance
A Minnesota buyer receives a seller concession of 3% of the purchase price to help with closing costs. On a $340,000 home, how much is the seller concession?
A$8,500
B$10,200✓ Correct
C$6,800
D$12,000
Explanation
Seller concession = $340,000 x 3% = $10,200. Seller concessions (seller-paid closing costs) are a common negotiating tool in Minnesota real estate transactions. Conventional loan programs typically limit seller concessions to 3% of the purchase price when the LTV exceeds 90%.
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