Real Estate Math
A South Carolina home buyer needs to bring $42,500 to closing. Their earnest money was $5,000 and down payment is $37,500. What is their total needed at closing if they also have $8,250 in closing costs?
A$37,500
B$40,750✓ Correct
C$42,500
D$45,750
Explanation
Total needed: down payment $37,500 + closing costs $8,250 = $45,750. The earnest money of $5,000 is credited, so cash needed = $45,750 − $5,000 = $40,750.
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