A house sold for $450,000 which was 2% less than the original cost. What was the original cost?
Correct Answer
B) $459,000.00
If sale price is 98% of original: Original = $450,000 ÷ 0.98 = $459,183.67 ≈ $459,000
Why This Is the Correct Answer
If sale price is 98% of original: Original = $450,000 ÷ 0.98 = $459,183.67 ≈ $459,000
More Real Estate Math Questions
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- → A property's value is $150,000 today. What was the original cost if it lost 25% of value over ten years?
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- → A property sells for $325,000. If the commission is 6%, split equally between listing and selling brokers, what does each broker receive?
- → A property's value is $91,000 today. What was the original cost if it lost 35% of value over five years?
- → A buyer takes a $250,000 mortgage in Florida. What is the intangible tax?
- → A home you listed sells for $400,000. Your broker receives 6% and you receive 45% of their check. How much do you receive?
- → A property's value is $150,000 today. What was the original cost if it lost 25% of value over ten years?
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- → A lot purchased 25 years ago for $40,000 has appreciated 45% total. What is it worth today?
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