Together, a house and the lot it is on costs $40,000. If the house costs seven times as much as the lot, how much does the lot cost?

The lot costs 5000 dollars.

Step-by-step explanation:

The cost of a House and the lot = $40,000.

Let us assume the cost of lot as 'x'

Given that, The cost of the house is 7 times as much as the lot.

Therefore, The cost of the house = 7x

The cost of both the house and the lot = x + 7x

$40,000 = x + 7x

40,000 = 8x

x = 40,000/8

x = 5,000

The lot costs $5000.