Seller Andy require a 2.5% deposit on all offers. Buyer josh wants to offer $452,000 for the property. The property was appraised at $465,000. What must the earnest money deposit be if Josh presents his current offer?

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