Real Estate Math
A seller agrees to pay 3% of the $400,000 purchase price in buyer closing cost concessions. How much will the seller pay?
A$12,000✓ Correct
B$8,000
C$4,000
D$6,000
Explanation
Closing cost concessions = $400,000 × 0.03 = $12,000. To solve this, multiply the relevant values: $400,000 at 3%.. The correct answer is $12,000.. This is a common calculation on the Utah real estate exam.
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