Real Estate Math
A Vermont property buyer's closing costs are estimated at 3% of the $385,000 purchase price. How much should the buyer budget for closing costs?
A$9,625
B$11,550✓ Correct
C$12,000
D$8,500
Explanation
Closing costs = 3% x $385,000 = 0.03 x $385,000 = $11,550. To solve this, multiply the relevant values: $385,000 at 3%.. The correct answer is $11,550.. This is a common calculation on the Vermont real estate exam.
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