Review for Quiz B

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# Review for Quiz B - PowerPoint PPT Presentation

Review for Quiz B. Commission, Sales Tax, Withholding Tax, Mental Math, &amp; Estimating. A car sales associate sold a car for \$22,450. If he earns 1.5% commission, how much was his commission?. Remember, Commission is the part the salesman keeps. . Method 2: Use an equation

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### Review for Quiz B

Commission, Sales Tax, Withholding Tax, Mental Math, & Estimating

A car sales associate sold a car for \$22,450. If he earns 1.5% commission, how much was his commission?

Remember, Commission is the part the salesman keeps.

Method 2: Use an equation

Commission = 1.5% (22450)

= 0.015(22450)

Julia needs to earn \$75 in commission on her insurance sales this month. If she earns 2% interest, How much must she sell?
Jack purchased a lawn mower for \$289 and a \$8.59 on weed spray. If he pays 6% sales tax on his purchase, what was the total amount?

Total amount: \$289 + 8.59 = \$297.50

Tax: 0.06 (297.59)=17.8554 = \$17.86

Total including tax= \$315.36

Jack earned \$245 during his first work week. \$34.30 was withheld for federal taxes. What percent was withheld?

Mike wants to earn \$675 in interest on the \$4500 he invested. If the account pays 5% simple interest, how long must he leave the money in the account?

I = prt

675 = 4500(.05)t

675 = 225t

3 = t

3 years

Frank borrowed \$8220 for 4 years to purchase a used car. He pays 7% simple interest. What is the total amount he will repay?
• I = prt
• I = (8220)(.07)(4)
• I= 2301.60
• Total amount = principal + interest
• = \$8220 + \$2301.60
• = \$10521.60