2.A marked up of 15% was made on a cabinet that cost P9,500.00. What was the selling price of the cabinet?
3. Mike, a sales agent, was given a commission of P 12,000.00 of 5% commission rate for all his sales. What is his total sales?
4. A sofa set marked P40,000.00. A tax of 5% is added. What is the total cost of the sofa set?
5. Grace made a loan of 200,000.00 from a bank. If the interests given is 6% simple interest per a year, how much interest will he pay after 5 years?
Answers & Comments
Verified answer
Answer:
2. Mark up Amount = Original Price x Rate of markup
= (P 9 500.00) (0.15)
= P 1 425
Selling Price = Original Price + Mark up Amount
= P 9 500 + P 1 425
= P 10 925
The selling proce of the cabinet is P 10 925.00.
3. Total sales = Commission / Rate
= P 12 000.00 / 0.05
= P 240 000
His total sales is P 240 000.
4. Amount of tax = Original Price x Rate of tax
= (P 40 000) (0.05)
= P 2 000
Total Cost of sofa set = Original Price + Amount of tax
= P 40 000 + P 2 000
= P 42 000
The total cost of the sofa set is P 42 000.
5. Interest (I) = Principal (P) x rate (r) x time (t)
= (P 200 000) (0.06) ( 5)
= P 60 000
He will pay P 60 000 for the interest.
Step-by-step explanation:
2. Mark up
Markup is the gap between a product or service's cost and its actual selling price. To solve for markup, we use the formula: Markup = Cost x Markup Rate. Mark up rate is expressed in decimal. To get the selling price, we add this markup to the original cost of the product.
3. Commission
A commission is a fee that a business pays to a salesperson in exchange for his or her services in either facilitating or completing a sale. To solve for commission, we just multiply the total sales by the commission rate (Commission = Total sales x commission rate). From this formula, we can derive the formula for total sales, which is Total sales = COmmission/ Commission rate.
4. Tax
Tax is the additional amount we pay for goods we buy or services we get. To solve for tax, we just multiply the cost of the item by the tax rate (Tax = original price/cost x rax rate). We then add this to the original price or cost of the goods bought.
5. Interest
Interest can be computed using the formula I = Prt, where I is the interest, r is the rate of interest, and t is the time.
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