Question

A loan officer earns a salary of $22,500 and 0.4% commission on total sales. He also gets a service fee of $1.75 on every loan preapproval application he processes. Assume the loan officer processes an average of $100,000 in loans each week and completes 8 preapproval applications each week. How much will he earn this year?

Answer 1

Answer:

$231,228.00

Step-by-step explanation:

100,000 * 52 = 520,000

520,000 * 0.4 = 208,000

8 * 52 = 416

416 * 1.75 = 728

208,000

+ 22,500

+       728

___________

$231,228.00