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3 years ago

6

Paul works for a company that deals in paints and dyes. He is paid a fixed monthly salary plus 15 percent commission on monthly

sales over $20,000.

1 answer:

Artemon [7]3 years ago

4 0

If x is the sales amount over $20,000, the function g(x) giving Paul's commission is <span>0.15x</span>

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2 years ago

Find the geometric mean of 24 and 32

Maru [420]

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27√39

Step-by-step explanation:

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3 years ago

Read 2 more answers

Rick is buying a small sailboat for $3,000 with a down payment of $1,000. The bank approved a simple interest flat rate loan for

Anni [7]

Option C

Monthly loan payment is $ 93.33

<em><u>Solution:</u></em>

From given question,

Cost of sailboat = $ 3000

Down payment = $ 1000

<em><u>Hence net principal is given as:</u></em>

net principal = p = $ 3000 - $ 1000 = $ 2000

p = $ 2000

The bank approved a simple interest flat rate loan for 2 years at 6% APR

Hence number of years = 2 years

Rate of interest = 6 %

<em><u>Let us first calculate the simple interest</u></em>

The formula for simple interest is given as:

$\text{ simple interest } = \frac{ p \times n \times r}{100}$

Substituting the given values,

$\text{ simple interest } = \frac{ 2000 \times 2 \times 6}{100}\\\\\text{ simple interest } = 20 \times 2 \times 6 = 240$

Thus simple interest = $ 240

Total amount payable = principal + simple interest

Total amount payable = $ 2000 + $ 240

Total amount payable = $ 2240

<em><u>How much are the monthly loan payments?</u></em>

Here number of years = 2 years

To calculate the monthly payment divide the total amount payable by 24 (since 2 year = 24 months )

$\text{ Monthly loan payment } = \text{ Total amount payable } \div 24$

$\text{ Monthly loan payment } = \frac{2240}{24} = 93.33$

Thus monthly loan payment is $ 93.33 Option C is correct

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2 years ago