1. The value of a property is $111,000 today. What was the original cost if the property has lost 45% of its value over the past seven years?

2. If the bank makes a 90% loan on a house values at 178,500, how much additional cash is required as a down payment if the buyer has already paid $5,400 in earnest money?

3. A gift shop pays rent of $700 per month plus 2.8% of gross annual sales in excess of $50,000. What was the average monthly rent last year if gross annual sales were $75,000? Round your answer to the nearest cent