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