# if you made a 17 profit on the 76 000 sale of a lot how much did you pay for the lot

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?
a. \$63,000
b. \$63,080
c. \$64,957
d. \$65,750
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?
a. 8.25%
b. 9.25%
c. 9.69%
d. 11.25%
3. If a young couple made a down payment of 21.25% (\$17,000), what is the sales price of the property?
a. \$80,000
b. \$150,875
c. \$361,250
d. None of the above
4. The total interest on a straight note of \$26,500 at 15% interest for 20 years would be:
a. \$3,975.
b. \$5,300.
c. \$53,000.
d. \$79,500.
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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