Real Estate Math
A seller in Oklahoma accepts an offer for $245,000. The buyer's earnest money is 1% of the purchase price. How much is the earnest money?
A$2,000
B$2,450✓ Correct
C$2,500
D$1,000
Explanation
Earnest money = $245,000 x 1% = $245,000 x 0.01 = $2,450. To solve this, multiply the relevant values: $245,000 at 1%.. The correct answer is $2,450.. This is a common calculation on the Oklahoma real estate exam.
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