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

For this case we can make the following rule of three:
1625415 ------> 93%
x ----------------> 100%
We clear the value of x.
We have then:
x = (100/93) * (1625415)
x = 1747758.065
nearest whole number:
x = 1747758
Answer:
the previous year's number of applications was:
x = 1,747,758