Real Estate Math
A NJ property is listed for $385,000. After 60 days without an offer, the seller reduces the price by 3%. What is the new list price?
A$373,450✓ Correct
B$375,000
C$373,550
D$372,000
Explanation
Price reduction = $385,000 × 0.03 = $11,550. New price = $385,000 – $11,550 = $373,450. To solve this, multiply the relevant values: $385,000 at 3%.. The correct answer is $373,450.. This is a common calculation on the New Jersey real estate exam.
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