Question

You work for a company that processes loans. Your company's goal is to close 1, 000 loans this month. If on average your company closes 45% of the loans it takes in, about how many loans should your company take in to reach this goal?

0, A.
450
• В. 1,022
• C. 1,045
• D. 1,450
• E. 2, 223

Answer 1

the closest answer choice is E. 2,223.

Explanation:

To reach the goal of closing 1,000 loans, your company needs to determine how many loans they should take in, considering the 45% closure rate.

Let X be the number of loans your company should take in to reach the goal.

Since your company closes 45% of the loans it takes in, you can set up the following equation:

0.45X = 1,000

Now, solve for X:

X = 1,000 / 0.45

X ≈ 2,222.22

Rounded up to the nearest whole number, your company should take in approximately 2,223 loans to reach the goal of closing 1,000 loans.

So, the closest answer choice is E. 2,223.