Real Estate Math
A Missouri home's purchase price is $248,000. Closing costs are 2.5% of the purchase price. Total closing costs are:
A$4,960
B$6,200✓ Correct
C$8,680
D$12,400
Explanation
Closing costs = $248,000 x 2.5% = $6,200. To solve this, multiply the relevant values: $248,000 at 2.5%.. The correct answer is $6,200.. This is a common calculation on the Missouri real estate exam.
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