Subjects finance math

Commission Sales Tax Interest

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Commission Sales Tax Interest


1. Problem 8: Jha bought a lipstick with tag price ₱600 plus 8% sales tax. How much should she pay? Step 1: Calculate the sales tax amount. Sales tax = 8% of ₱600 = $0.08 \times 600 = 48$ Step 2: Add the sales tax to the tag price to get the total price. Total price = ₱600 + ₱48 = ₱648 Answer: Jha should pay ₱648 for her lipstick. 2. Problem 9: Vince earns 3% commission from selling property. This month, he received ₱11,400 commission. Find the cost of the property. Step 1: Let the cost of the property be $x$. Step 2: Commission formula: Commission = 3% of $x$ $11400 = 0.03 \times x$ Step 3: Solve for $x$: $$x = \frac{11400}{0.03} = 380000$$ Answer: The cost of the property Vince sold is ₱380,000. 3. Problem 10: Rose loaned ₱40,000 at simple interest and paid ₱44,800 after 2 years. Find the interest rate $N$% per annum. Step 1: Calculate total interest paid: Interest = Total paid - Principal = ₱44,800 - ₱40,000 = ₱4,800 Step 2: Use simple interest formula: $$I = P \times r \times t$$ where $I=4800$, $P=40000$, $t=2$ years, $r$ is the interest rate in decimal. Step 3: Solve for $r$: $$4800 = 40000 \times r \times 2$$ $$r = \frac{4800}{40000 \times 2} = 0.06$$ Step 4: Convert decimal to percentage: $$N = 0.06 \times 100 = 6\%$$ Answer: The interest rate of the bank is 6% per annum.