Interest and Commission Calculations

This video tutorial for grade 8 students covers personal and household finance, focusing on commission and simple interest. It explains commission as a fee paid to agents and provides examples and exercises for calculating commission. The video also introduces simple interest, explaining its calculation and providing examples and exercises. The session concludes with a review and encourages students to practice the exercises provided.

What was the focus of the previous video in this series?

• Calculating profit and loss

• Understanding compound interest

• Exploring investment strategies

• Learning about taxes

What is a commission?

• A fixed salary paid monthly

• A fee paid as an incentive for services

• A tax on sales

• A discount on products

If an estate agent sells houses worth 3,800,000 with a 2% commission, how much does he earn?

• 380,000

• 7,600

• 38,000

• 76,000

What is DJ's basic monthly salary?

• 60,000

• 50,000

• 34,500

• 42,000

How much commission does DJ earn from selling cars worth 6,875,000?

• 34,375

• 68,750

• 3,437

• 6,875

What are DJ's total earnings for October?

• 76,375

• 42,000

• 34,375

• 100,000

Calculate the commission on 560,000 at a 3% rate.

• 168,000

• 5,600

• 56,000

• 16,800

What is the commission rate if Mr. Ting earns 54,900 from sales of 915,000?

• 6%

• 5%

• 3%

• 4%

What is simple interest?

• Interest earned on the initial principal only

• Interest earned on both principal and accumulated interest

• A fee for borrowing money

• A tax on savings

What is the formula for calculating simple interest?

• I = PRT / 1000

• I = PRT / 100

• I = P + R + T

• I = PRT