Real Estate Math
A Montana buyer makes an offer of $265,000 with $5,000 earnest money on a home listed at $279,000. If the offer is accepted, what percentage of the purchase price is the earnest money?
A1.89%✓ Correct
B1.79%
C2.04%
D1.96%
Explanation
Earnest money % = $5,000 / $265,000 = 0.01887 = approximately 1.89%. Using the values given ($265,000, $5,000), apply the appropriate formula.. The correct answer is 1.89%.. This is a common calculation on the Montana real estate exam.
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