Real Estate Math
A property is purchased for $220,000 and sold 3 years later for $264,000. What is the percentage gain?
A15%
B17%
C20%✓ Correct
D24%
Explanation
Gain = ($264,000 - $220,000) / $220,000 = $44,000 / $220,000 = 0.20 = 20%. Using the values given ($220,000, $264,000), apply the appropriate formula.. The correct answer is 20%.. This is a common calculation on the North Carolina real estate exam.
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