Question

A car salesman had $65,100 in sales. He earned $1,953 in commission. What percent commission did he earn. Explain your answer.

Answer 1

Answer:

1. The percent commission earned is 3%.

2. The loan period is 3.29 years.

Step-by-step explanation:

1. Salesman has $65,100 in sales. He earned $1,953 in commission.

Let the percent commission earn be x%

Therefore, x% of the sales equals $1,953

$\frac{x}{100} of 65,100 = 1,953$

$\frac{x}{100} * 65100 = 1953\\\frac{65100x}{100} = 1953$

We cross multiply

$\frac{65100x}{100} = 1953\\65100x = 1953 * 100\\65100x = 195300$

Divide both side by the coefficient of 'x' (65100)

$\frac{65100x}{65100} = \frac{195300}{65100} \\x = 3$

Therefore, the percent commission earned is 3%

2. Interest (I) = $299  Principal (P) = $1300   Rate (R) = 7%

The formula for finding interest is given as: $I = \frac{PRT}{100}$

Therefore, substituting into the formula, we have:

$299 = \frac{1300 * 7 * T}{100}$

We are finding the time it takes the loan to earn an interest of $299

$299 = \frac{1300 * 7 * T}{100} \\299 = \frac{9100T}{100}$

We cross-multiply:

$299 * 100 = 9100T\\29900 = 9100T$

Divide both side by the coefficient of T (9100)

$\frac{29900}{9100} = \frac{9100T}{9100}\\T = 3.29$

Therefore, the time taken for the loan to earn such interest is approximately 3.29 years