Real Estate Math
A South Dakota buyer makes a $10,000 earnest money deposit on a $350,000 purchase. What percentage is the earnest money?
A1.75%
B2.86%✓ Correct
C3.5%
D5%
Explanation
Percentage = $10,000 ÷ $350,000 = 0.0286 = 2.86%. Using the values given ($10,000, $350,000), apply the appropriate formula.. The correct answer is 2.86%.. This is a common calculation on the South Dakota real estate exam.
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