Real Estate Math
A Rhode Island property sells for $460,000. Closing costs are 2% of the sale price (paid by the buyer). What are the buyer's total closing costs?
A$8,600
B$9,200✓ Correct
C$9,800
D$10,400
Explanation
$460,000 x 0.02 = $9,200. To solve this, multiply the relevant values: $460,000 at 2%.. The correct answer is $9,200.. This is a common calculation on the Rhode Island real estate exam.
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