Four years ago, Sam purchased a vacant lot for $10,000. He just sold it for $13,000. During the time Sam owned the property he p

Question

maks197457 [2]

2 years ago

5

Four years ago, Sam purchased a vacant lot for $10,000. He just sold it for $13,000. During the time Sam owned the property he p

aid $350 per year in taxes, $150 per year on maintenance like grass cutting and $90 per year on miscellaneous expenses. How much did Sam gain or lose on the sale?

Business

1 answer:

kherson [118] · Answer 1 · 2023-04-13T19:51:23+03:00

The amount that Sam gain on the sale equals $640.

<h3>What is the amount paid by Sam?</h3>

In this calculation, In four years, he would pay $2,360 in taxes, maintenance and miscellaneous expenses

Hence, this makes the vacant lot worth $12,360 ($10,000 + $2,360).

Therefore, the amount that Sam gain on the sale equals $640.