Business Math II

Anne works as a salesperson at a furniture store. She receives a commission of 10% on all sales she makes. Last month, her total sales amounted to ₱15,000. How much did Anne earn last month?

Answer explanation

Anne earns a commission of 10% on her sales. Last month, her total sales were ₱15,000. To find her earnings, calculate 10% of ₱15,000: 0.10 x 15,000 = ₱1,500. Therefore, Anne earned ₱1,500 last month.

Bran is a real estate agent who sold a property worth ₱50,000,000 last week. He received a commission of ₱2,500,000 for the sales. What is Bran’s commission rate?

Answer explanation

To find Bran's commission rate, divide the commission by the property value: ₱2,500,000 ÷ ₱50,000,000 = 0.05. Multiply by 100 to get the percentage: 0.05 x 100 = 5%. Thus, Bran’s commission rate is 5%.

A salesperson earns a commission of ₱1,500 for a month. The commission rate for their sales is 10%. What is the total sales amount for that month?

Answer explanation

To find total sales, use the formula: Total Sales = Commission / Commission Rate. Here, Total Sales = ₱1,500 / 0.10 = ₱15,000. Thus, the total sales amount for that month is ₱15,000.

A customer purchases a laptop for ₱80,000. The sales tax rate is 7%. What is the amount of sales tax that the customer needs to pay? What is the total amount to be paid by the customer?

Answer explanation

To calculate the sales tax, multiply the laptop price by the tax rate: ₱80,000 x 0.07 = ₱5,600. The total amount to be paid is the laptop price plus sales tax: ₱80,000 + ₱5,600 = ₱85,600.

A customer buys a smartphone for ₱26,000 and pays ₱800 in sales tax. What is the sales tax rate?

Answer explanation

To find the sales tax rate, divide the sales tax by the purchase price: ₱800 ÷ ₱26,000 = 0.030769. Multiply by 100 to get the percentage: 0.030769 × 100 = 3.08%. The sales tax rate is approximately 3.08%.

A customer pays ₱30 in sales tax with a sales tax rate of 6%. What is the selling price of the item?

Answer explanation

To find the selling price, use the formula: Sales Tax = Selling Price x Tax Rate. Rearranging gives Selling Price = Sales Tax / Tax Rate. Here, Selling Price = ₱30 / 0.06 = ₱500.

A loan of ₱1,500 is taken out at a simple interest rate of 3% for 2 years. What is the total amount to be paid back at the end of the loan term?

Answer explanation

To calculate the total amount to be paid back, use the formula: Total Amount = Principal + (Principal x Rate x Time). Here, Total Amount = ₱1,500 + (₱1,500 x 0.03 x 2) = ₱1,500 + ₱90 = ₱1,590.

John invested ₱10,000 in a savings account and earned ₱1,500 in interest over 3 years. What was the annual simple interest rate?

Answer explanation

To find the annual simple interest rate, use the formula: Rate = (Interest / Principal) / Time. Here, Rate = (₱1,500 / ₱10,000) / 3 = 0.05 or 5%. Thus, the annual simple interest rate is 5%.

Lisa borrowed ₱2,500 and paid ₱375 after 2 years. What was the annual simple interest rate on the loan?

Answer explanation

To find the annual simple interest rate, use the formula: Interest = Principal x Rate x Time. Here, 375 = 2500 x Rate x 2. Solving for Rate gives 375 / (2500 x 2) = 0.075 or 7.5%. Thus, the annual interest rate is 7.5%.

Emma decides to invest ₱15,00 in a certificate of deposit (CD) that offers a simple interest rate of 4% per year. She plans to leave her money in the CD for 3 years. How much money will Emma have at the end of the 3 years, including both her principal amount and the interest earned?

Answer explanation

To calculate the total amount, use the formula: Total = Principal + Interest. Interest = Principal x Rate x Time = ₱15,000 x 0.04 x 3 = ₱1,800. Total = ₱15,000 + ₱1,800 = ₱16,800. Emma will have ₱16,800 after 3 years.