Commission
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Question 1 of 2
1. Question
A real estate agent gets `3.5%` commission on the first $$$80{,}000$$ on the value of a home and he gets an additional `2%` commission for the remaining balance. How much commission in total will he earn if he sells a home valued at $$$420{,}000$$?- `$` (9600)
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A commission is expressed as a percentage of the value of goods sold.First, draw a line diagram to further understand the given values.Solve for the remaining balance by subtracting $$$80{,}000$$ from the value of the house, which is $$$420{,}000$$.`\text(Remaining Balance)` `=` $$$420{,}000-80{,}000$$ `=` $$$340{,}000$$ Next, solve the commission for the first $$$80{,}000$$ of the value, which will be `3.5%`.$$$3.5\%\times80{,}000$$ `=` $$\frac{3.5}{100}\times\frac{80{,}000}{1}$$ Convert values to fraction `=` $$$0.035\times80{,}000$$ Simplify `=` `$2800` Then, solve the commission for the rest of the value, which will be `2%`.$$$2\%\times340{,}000$$ `=` $$\frac{2}{100}\times\frac{340{,}000}{1}$$ Convert values to fraction `=` $$$0.02\times340{,}000$$ Simplify `=` `$6800` Finally, add the two commissions to get the total commission`\text(Total Commission)` `=` `2800``+``6800` `=` `$9600` Hence, the real estate agent will get a total commission of $$\underline{$9600}$$.`$9600` -
Question 2 of 2
2. Question
A real estate agent gets `3%` commission on the first $$$90{,}000$$ on the value of a home and he gets an additional `1.5%` commission for the remaining balance. How much commission in total will he earn if he sells a home valued at $$$690{,}000$$?- `$` (11700)
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A commission is expressed as a percentage of the value of goods sold.First, draw a line diagram to further understand the given values.Solve for the remaining balance by subtracting $$$90{,}000$$ from the value of the house, which is $$$690{,}000$$.`\text(Remaining Balance)` `=` $$$690{,}000-90{,}000$$ `=` $$$600{,}000$$ Next, solve the commission for the first $$$90{,}000$$ of the value, which will be `3%`.$$$3\%\times90{,}000$$ `=` $$\frac{3}{100}\times\frac{90{,}000}{1}$$ Convert values to fraction `=` `3/1times900/1` Simplify `=` `$2700` Then, solve the commission for the rest of the value, which will be `1.5%`.$$$1.5\%\times600{,}000$$ `=` $$\frac{1.5}{100}\times\frac{600{,}000}{1}$$ Convert values to fraction `=` `1.5/1times6000/1` Simplify `=` `$9000` Finally, add the two commissions to get the total commission`\text(Total Commission)` `=` `2700``+``9000` `=` $$$11{,}700$$ Hence, the real estate agent will get a total commission of $$\underline{$11{,}700}$$.$$$11{,}700$$