Question

An insurance agent receives 16% commission on every premium paid. How much commission is paid on a policy with a premium of $497.69?

Answer 1

Here we are given the information that an insurance agent receives 16% commission on every premium paid.

Now we are given that a premium of $497.69 is paid.

Let us say $x is the commission paid on the policy with a premium of $497.69.

Let us try to find the amount x here.

So we have to find 16% of 497.69 to get the commission amount x.

So finding 16% of 497.69.

x= 16% of 497.69 = 0.16*497.69 = 79.63

Answer: Commission of $79.63 is paid on a policy with a premium of $497.69.

Answer 2

Answer:

$ 79.6304 of commission was paid on policy with a premium of $497.69.

Step-by-step explanation:

Percentage on amount received on every premium = 16% of the premium

So, when the premium of the $ 497.69 was paid , the commission received by an agent will be: 16% of the $497.69 .

$\ 497.69\times \frac{16}{100}=\ 79.6304$

$ 79.6304 of commission was paid on policy with a premium of $497.69.