Question
Kevin works as a salesperson at a store that specializes in custom made computers. he earns a base pay of 325 per week and a commission on his sales. if Kevin earned a total of 1125 last week, how much of it was commission
how much interest does a 318% investment earn at 9% over one year?
400$ interest is earned on a principal of 2,000 at a simple interest of 5% interest per year. for how many years was the principal invested?
at what rate was an investment made that earns 50.40 on principal investment of 210 over four years
if a loan is taken out for 991$ at 3% and costs 267.57, how long was the loan for
how much interest does a 318% investment earn at 9% over one year?
400$ interest is earned on a principal of 2,000 at a simple interest of 5% interest per year. for how many years was the principal invested?
at what rate was an investment made that earns 50.40 on principal investment of 210 over four years
if a loan is taken out for 991$ at 3% and costs 267.57, how long was the loan for
Answers
GPT-4o mini
Let's tackle each of your questions one by one.
1. **Kevin's Commission**:
- Kevin's total earnings = $1125
- Kevin's base pay = $325
- Commission = Total earnings - Base pay
\[
\text{Commission} = 1125 - 325 = 800
\]
Kevin earned **$800 in commission**.
2. **Interest from 318% Investment**:
- Principal (P) = $318
- Rate (R) = 9% (0.09 in decimal)
- Time (T) = 1 year
- Using the formula for simple interest \( I = P \times R \times T \):
\[
I = 318 \times 0.09 \times 1 = 28.62
\]
The investment earns **$28.62 in interest**.
3. **Number of Years for Simple Interest**:
- Interest earned = $400
- Principal (P) = $2000
- Rate (R) = 5% (0.05 in decimal)
- Using the formula \( I = P \times R \times T \):
\[
400 = 2000 \times 0.05 \times T
\]
\[
400 = 100 \times T \implies T = \frac{400}{100} = 4
\]
The principal was invested for **4 years**.
4. **Rate for Investment Earnings**:
- Interest earned = $50.40
- Principal (P) = $210
- Time (T) = 4 years
- Using the formula \( I = P \times R \times T \):
\[
50.40 = 210 \times R \times 4
\]
\[
50.40 = 840R \implies R = \frac{50.40}{840} \approx 0.06
\]
To express R as a percentage, we multiply by 100:
\[
R \approx 6\%
\]
The rate at which the investment was made is approximately **6%**.
5. **Loan Duration**:
- Loan amount = $991
- Interest = $267.57
- Rate (R) = 3% (0.03 in decimal)
- Using the formula \( I = P \times R \times T \):
\[
267.57 = 991 \times 0.03 \times T
\]
\[
267.57 = 29.73T \implies T = \frac{267.57}{29.73} \approx 9
\]
The loan was taken out for approximately **9 years**.
If you have any further questions or need clarification, feel free to ask!
1. **Kevin's Commission**:
- Kevin's total earnings = $1125
- Kevin's base pay = $325
- Commission = Total earnings - Base pay
\[
\text{Commission} = 1125 - 325 = 800
\]
Kevin earned **$800 in commission**.
2. **Interest from 318% Investment**:
- Principal (P) = $318
- Rate (R) = 9% (0.09 in decimal)
- Time (T) = 1 year
- Using the formula for simple interest \( I = P \times R \times T \):
\[
I = 318 \times 0.09 \times 1 = 28.62
\]
The investment earns **$28.62 in interest**.
3. **Number of Years for Simple Interest**:
- Interest earned = $400
- Principal (P) = $2000
- Rate (R) = 5% (0.05 in decimal)
- Using the formula \( I = P \times R \times T \):
\[
400 = 2000 \times 0.05 \times T
\]
\[
400 = 100 \times T \implies T = \frac{400}{100} = 4
\]
The principal was invested for **4 years**.
4. **Rate for Investment Earnings**:
- Interest earned = $50.40
- Principal (P) = $210
- Time (T) = 4 years
- Using the formula \( I = P \times R \times T \):
\[
50.40 = 210 \times R \times 4
\]
\[
50.40 = 840R \implies R = \frac{50.40}{840} \approx 0.06
\]
To express R as a percentage, we multiply by 100:
\[
R \approx 6\%
\]
The rate at which the investment was made is approximately **6%**.
5. **Loan Duration**:
- Loan amount = $991
- Interest = $267.57
- Rate (R) = 3% (0.03 in decimal)
- Using the formula \( I = P \times R \times T \):
\[
267.57 = 991 \times 0.03 \times T
\]
\[
267.57 = 29.73T \implies T = \frac{267.57}{29.73} \approx 9
\]
The loan was taken out for approximately **9 years**.
If you have any further questions or need clarification, feel free to ask!