Practice Page
Commission, Interest, Banking, Depreciation

Directions: The following questions pertain to percents as they relate to money. Read carefully and choose the best answer.

1.
As a car salesman, Mikel earns 1.8% commission on all sales. In the month of March, his sales totaled $400,000. How much did he make in commissions that month?

Choose:
 
$72,000
$7,200
$5,200
$3,200
miguel

 

2.
Juanita and Mike each opened new savings accounts and each deposited $200.
• At her bank, Juanita earns a simple interest rate of 2.4% per year.
• At his bank, Mike earns a simple interest rate of 2.1% per year.
(Assume neither have deposits or withdrawals.)
How much more does Juanita receive in interest than Mike after 2 years?
Choose:
 
$9.60
$8.40
$4.80
$1.20
bankaccount

 

3.
Milo earns a weekly base salary of $2500 at his sales-based job. His weekly quota of sales is $25,000, with a 14% commission on all sales beyond the weekly quota.
a) If Milo's weekly sales total $22,000, what will be his weekly salary for that week?
Choose:
 
$2,500
$2,920
$3,480
$5,580
dsign
 

b)
If Milo's weekly sales total $32,000, what will be his weekly salary for that week?
Choose:
 
$2,500
$3,480
$5,580
$6,980

 

4.
Question:
Suppose an item costs $50.
If the price is marked up by 24%, and the later
marked down by 30%, the latest price is:
Choose:
 
$62.00
$48.60
$43.40
$12.00
moneyface

 

5.
Ali orders three pairs of Nicky Sneakers selling at $109.90 per pair from an on-line store. The store charges a 6% shipping fee based upon the total amount of the order (prior to sales tax). What is the total bill for ordering these sneakers if Ali must pay 7.8% sales tax on the order?
(Assume the sales tax is applied to the total cost plus the shipping fee.)
Choose:
 
$329.70
$349.48
$376.74
$385.80
laces

 

6.
The Local Sierra Club had $460 in their bank account from membership dues. Over the course of this month, the club deposits $120 and withdraws the amounts of $23.60, $48.90, and $25.50. If the club needs $550 at the end of this month for a campaign rally, how much will they need to raise to meet this need?
sierra
Choose:
 
$68
$43.50
$30
$18

 

7.
Otis has $150 in a savings account. The simple interest rate is 4.6% per year. How much interest will he receive in one year?

Choose:
 
$4.60
$6.00
$6.90
$69.00
moneygreen

 

8.
Caroline opens a savings account that pays simple interest at the rate of 2.5% per year. If she deposits $1,500 and makes no other deposits or withdrawals, find the final balance in her account after a period of 18 months.
smile
Choose:
 
$6.75
$56.25
$67.50
$75.00

 

9.
Mr. Spock puts $5000 into an investment that returns simple interest at the rate of 7.25% annually. If he leaves the money in the investment for three years, how much interest will he have at the end of that time?

Choose:
 
$362.50
$1,087.50
 
$2,150.00
$3,625.00
rain

 

10.
Daniel's Print Shop purchased a new printer for $3,500.  Each year it depreciates (loses value) at a rate of 5%.  What will its value be at the end of the fourth year?
(Use compounding.)
printer
 
Choose:
 
$2,708.23
$2,850.77
$3,000.81
$3,158.75



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