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

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

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

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

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

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?
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

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.
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

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.)

Choose:
 \$2,708.23 \$2,850.77 \$3,000.81 \$3,158.75