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