commission, business and finance homework help
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1. A note dated August 18 and due on March 9 runs for exactly (Use Table 7.1):
2.
Leo Corporation pays its employees on a graduated commission scale: 6% on the first $40,000 in sales, 7% on sales from $40,000 to $80,000, and 9% on sales greater than $80,000. Bernie Kaminsky had sales of $105,000. His commission is:
Lee Wong is a sales clerk at Sears. She is paid $8.00 per hour plus a commission of 4 percent on all sales. Assuming Lee works 39 hours and has sales of $4,000, her gross pay is:
|
Calculate (a) the amount financed, (b) the total finance charge, and (c) APR by table lookup. (UseTable14.1 and Table14.1(b)) (Do not round intermediate calculations. Round the “Finance charge” to the nearest cent.) |
| Purchase price of a used car |
Down payment |
Number of monthly payments |
Amount financed |
Total of monthly payments | Total finance charge |
APR |
| $5,873 | $1,323 | 48 | $ | $5,929.76 | $ |
5.
oe Flynn visited his local bank to see how long it will take for $1,200 to amount to $2,100 at a simple interest rate of 7 percent. The time is: (Round time in years to nearest tenth)
| Given | Principal: $21,000, 11%, 240 days |
| Partial payments: | On 100th day, $8,000 |
| On 180th day, $4,500 |
| a. |
Use the U.S. Rule to solve for total interest cost. (Use 360 days a year. Do not round intermediate calculations. Roundyour answer to the nearest cent.) |
| Total interest cost | $ |
| b. |
Use the U.S. Rule to solve for balances. (Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest cent.) |
| On 100th day | On 180th day | |
| Balance after the payment | $ | $ |
| c. |
Use the U.S. Rule to solve for final payment. (Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest cent.) |
| Final payment | $ |
7.
| Calculate the average daily balance and finance charge. (Round your answers to the nearest cent.) |
| 30-day billing cycle | |||
| 9/16 | Billing date | Previous balance | $ 1,200 |
| 9/19 | Payment | $ | 52 cr. |
| 9/30 | Charge: Home Depot | 1,100 | |
| 10/3 | Payment | 52 cr. | |
| 10/7 | Cash advance | 62 | |
| Finance charge is 1.5% on average daily balance. |
| Average daily balance | $ |
| Finance charge | $ |
9.
|
Calculate the Social Security and Medicare deductions for the following employee (assume a tax rate of 6.2% on $110,100 for Social Security and 1.45% for Medicare): (Round your answers to the nearest cent.) |
| Employee | Cumulative earnings before this pay period |
Pay amount this period |
Social Security |
Medicare |
| Ryan | $109,900 | $8,300 | $ | $ |
10.
Given interest of $1,632 with principal of $16,000 for 306 days (ordinary interest), results in a rate of:
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