Real Estate Math
An Oklahoma property's sale price is $388,000. The seller pays the buyer 2% of the sale price in closing cost concessions. How much are the concessions?
A$7,760✓ Correct
B$6,500
C$7,000
D$8,000
Explanation
Concessions = $388,000 x 2% = $388,000 x 0.02 = $7,760. To solve this, multiply the relevant values: $388,000 at 2%.. The correct answer is $7,760.. This is a common calculation on the Oklahoma real estate exam.
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