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.