Question

To purchase $11,400 worth of lab equipment for his business, Chau made a down payment of $1900 and took out a business loan for the rest. After
3 years of paying monthly payments of $289.02, he finally paid off the loan.

(a) What was the total amount Chau ended up paying for the equipment (including the down payment and monthly payments)?



(b) How much interest did Chau pay on the loan?

Answer 1

For the first week of March, Betty Hill worked
37.25 hours. Betty earns $17.40 an hour. Her employer pays overtime for all hours worked in excess of 40 hours per week and pays
1.5 times the hourly rate for overtime hours.
Calculate the following for the first week of March (round your responses to the nearest cent if necessary):

1. Regular pay amount: $


2. Overtime pay: $


3. Gross pay:

Answer 2

Groom Lawn Equipment pays Bob Watson a
$870
monthly salary plus a
5
% commission on merchandise he sells each month. Assume Bob's sales were
$39,500
for last month.
Calculate the following amounts:
1. Amount of Commission: $


2. Gross Pay:

Answer 3

Masterson Wood Products pays Scott Brown a
$1820
monthly salary plus a
15
% commission on merchandise he sells each month. Assume Scott's sales were
$82,600
for last month.
Calculate the following amounts:
1. Amount of Commission: $


2. Gross Pay:

Answer 4

Columbia Mirror and Glass pays Frank Young a
$2320
monthly salary plus a
13
% commission on merchandise he sells each month. Assume Frank's sales were
$33,300
for last month.
Calculate the following amounts:
1. Amount of Commission: $


2. Gross Pay:

Answer 5

Suppose Teresa places
$3500
in an account that pays
14%
interest compounded each year.
Assume that no withdrawals are made from the account.
Follow the instructions below. Do not do any rounding.
(a) Find the amount in the account at the end of 1 year.
$


(b) Find the amount in the account at the end of 2 years.