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Review for Quiz B

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

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Review for Quiz B

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  1. Review for Quiz B Commission, Sales Tax, Withholding Tax, Mental Math, & Estimating

  2. 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)

  3. Julia needs to earn $75 in commission on her insurance sales this month. If she earns 2% interest, How much must she sell?

  4. 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

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

  6. 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

  7. 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

  8. Calculate 87 ½ % of 56 using mental math. • Think:

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