Answer:
1. The percent commission earned is 3%.
2. The loan period is 3.29 years.
Step-by-step explanation:
1. Salesman has $65,100 in sales. He earned $1,953 in commission.
Let the percent commission earn be x%
Therefore, x% of the sales equals $1,953
[tex]\frac{x}{100} of $65,100 = $1,953[/tex]
[tex]\frac{x}{100} * 65100 = 1953\\\frac{65100x}{100} = 1953[/tex]
We cross multiply
[tex]\frac{65100x}{100} = 1953\\65100x = 1953 * 100\\65100x = 195300[/tex]
Divide both side by the coefficient of 'x' (65100)
[tex]\frac{65100x}{65100} = \frac{195300}{65100} \\x = 3[/tex]
Therefore, the percent commission earned is 3%
2. Interest (I) = $299 Principal (P) = $1300 Rate (R) = 7%
The formula for finding interest is given as: [tex]I = \frac{PRT}{100}[/tex]
Therefore, substituting into the formula, we have:
[tex]299 = \frac{1300 * 7 * T}{100}[/tex]
We are finding the time it takes the loan to earn an interest of $299
[tex]299 = \frac{1300 * 7 * T}{100} \\299 = \frac{9100T}{100}[/tex]
We cross-multiply:
[tex]299 * 100 = 9100T\\29900 = 9100T[/tex]
Divide both side by the coefficient of T (9100)
[tex]\frac{29900}{9100} = \frac{9100T}{9100}\\T = 3.29[/tex]
Therefore, the time taken for the loan to earn such interest is approximately 3.29 years
