# Really really basic application question!! I'm not sure where I'm going wrong!

• May 3rd 2012, 10:57 PM
SheSaidTeAmo
Really really basic application question!! I'm not sure where I'm going wrong!
So the question is

You are about to buy a small investment property in South Australia for a purchase price of \$383000. What LTO Fee will you pay if the following rates table applies. Round your answer to the nearest dollar.
 Value of the property LTO Fee does not exceed \$5,000 \$140 does not exceed \$20,000 \$154 does not exceed \$40,000 \$170 exceeds \$40,000 \$237 plus \$69.00 for every \$10,000 (or part of \$10,000) above \$50,000

What I did was 383 000 - 50 000 = 333 000, 333 000 / 10 000 = 33.3, 33.3 X 69 = 2 297.7, 2 297.7 + 237 = 2534.7

The given answer was 2538 and I cannot figure out for the life of me how they worked that out? It's Friday so I can't ask my lecturer and the online test finishes this weekend. Arghhhh.(Crying)
• May 4th 2012, 08:36 PM
SheSaidTeAmo
Re: Really really basic application question!! I'm not sure where I'm going wrong!
Oops just realised the given answer was 2583!!! Sorry guys
• May 5th 2012, 06:05 PM
SheSaidTeAmo
Re: Really really basic application question!! I'm not sure where I'm going wrong!
I got an answer back from my lecturer! For anyone who did the same thing as me or was just wondering, the question actually said "or part of \$10 000", which means that whatever figure I got from dividing the \$10 000 I need to round it up, which means I should have times \$69 by 34 in this question.