Real Estate Math
A Minnesota property was listed at $285,000 and sold for 96% of the list price. What was the sale price?
A$274,000
B$273,600✓ Correct
C$271,200
D$280,000
Explanation
Sale price = $285,000 x 96% = $285,000 x 0.96 = $273,600. The sale price as a percentage of list price (sale-to-list ratio) is an important market metric in Minnesota. In a strong seller's market, properties often sell at or above list price; in a buyer's market, they typically sell below list.
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