Final answer:
To calculate the cost per front foot, divide the total cost of the lot ($145,000) by the frontage (450 feet). The cost per front foot is $322.22.
Step-by-step explanation:
The question asks to calculate the cost per front foot for a piece of property with dimensions of 450 feet by 600 feet that was sold for $145,000. In real estate terms, the 'front foot' refers to the measurement along the street or front side of a parcel of land.
To find the cost per front foot, we need to divide the total cost of the lot by the number of feet along the front side. Assuming the shorter side is the front, we have:
- Total cost of the lot: $145,000
- Front side of the lot: 450 feet
We calculate the cost per front foot by dividing the total cost by the front footage:
Cost per front foot = Total cost / Front footage
Cost per front foot = $145,000 / 450 feet
Cost per front foot = $322.22 (rounded to two decimal places)
Therefore, the cost per front foot of the lot is $322.22.