Question

A banker earns a $75,000 annual salary, a 2,35% commission on any approved loans for the bank’s business customers, and a fee of $3.75 for each application processed. If the banker has a total of 2.8 million in approved business loans and processes 2,750 applications this year, what are the banker’s earnings rounded to the nearest dollar ??

Answer 1

Answer:

Amount earned = $151,113

Step-by-step explanation:

Here, we are interested in calculating the banker’s earnings rounded to the nearest dollar;

We proceed as follows; we have the following;

1. Annual salary of $75,000

2. 2.35% on approved loans.

Approved loans = 2.8 million

Commission = 2.35/100 * 2.8 million = $65,800

3. $3.75 for each processed loan application

Total = 2750

Amount = 3.75 * 2750 = $10,312.50

Total amount earned is thus;

$75,000 + $65,800 + $10,312.50 = 151,112.5 = 151,113 to the nearest dollar