Question

If the number of mortgage applications declined by 7% to 1,625,415. What had been the previous year’s number of applications? (Round your answer to the nearest whole number.)

Answer 1

Previous year's number of applications: P=?
P-7%P=1,625,415
Solving for P:
P-(7/100)P=1,625,415
P-0.07P=1,625,415
0.93P=1,625,415
Dividing both sides by 0.93
(0.93P)/0.93=(1,625,415)/0.93
P=1,747,758.064
Rounded to the nearest whole number:
P=1,747,758

Answer: The previous year’s number of applications had been 1,747,758