Seller Andy require a 2.5% deposit on all offers. Buyer josh wants to offer $452,000 for the property. The property was appraise
d at $465,000. What must the earnest money deposit be if Josh presents his current offer?
1 answer:
Answer: $11,300
Step-by-step explanation:
Given the following :
Buyer Josh's offering price = $452,000
Required deposit rate = 2.5%
Earnest money deposit is the product of :
Offering price × required deposit accepted
$452,000 × 2.5%
$452,000 × 0.025 = $11,300
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