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
We cross multiply
Divide both side by the coefficient of 'x' (65100)
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:
Therefore, substituting into the formula, we have:
We are finding the time it takes the loan to earn an interest of $299
We cross-multiply:
Divide both side by the coefficient of T (9100)
Therefore, the time taken for the loan to earn such interest is approximately 3.29 years