Real Estate Math
A Virginia home has been on the market for 120 days with no offers. The seller reduces the price by 8% from $549,000. What is the new price?
A$499,000
B$505,080✓ Correct
C$505,000
D$499,320
Explanation
Price reduction = $549,000 × 8% = $43,920. New price = $549,000 – $43,920 = $505,080. To solve this, multiply the relevant values: $549,000 at 8%.. The correct answer is $505,080.. This is a common calculation on the Virginia real estate exam.
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