Show calculations and round the answer off if necessary.
1. If you made a 17% profit on the $76,000 sale of a lot, how much did you pay for the lot?
2. You have a bank loan of $56,500 with a monthly payment of $500. In the first month payment, $43.85 is applied to principal. What is the interest rate on the loan?
3. If a young couple made a down payment of 21.25% ($17,000), what is the sales price of the property?
d. None of the above
4. The total interest on a straight note of $26,500 at 15% interest for 20 years would be:
5. What is 395,340 square feet of area minus an area of 110 x 30 feet?
a. 3,300 square feet
b. 330,000 square feet
c. 392,040 square feet
d. 398,640 square feet
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