If you have an 800-square-foot rectangular building selling for $75,000, what is the price per square foot?

To determine the price per square foot of the property, you divide the total selling price of the building by its total square footage. In this case, you start with the total cost of the building, which is $75,000. The total area of the building is 800 square feet.

The calculation to find the price per square foot is:

Price per square foot = Total selling price / Total square footage Price per square foot = $75,000 / 800 square feet

Now, performing the division:

Price per square foot = $93.75.

This means that for each square foot of the building, the selling price is $93.75, making it the correct answer. This method is fundamental in real estate appraisal, as price per square foot is a common metric used to compare property values and assess appropriate pricing in the market.