Acar salesman had $65,100 in sales. he earned $1,953 in commission. what percent commission did he earn. explain your answer.

how long was the loan

interest earned = $299

principal = $1300

interest rate = 7%

1. The percent commission earned is 3%.

2. The loan period is 3.29 years.

Step-by-step explanation:

1. Salesman has $65,100 in sales. He earned $1,953 in commission.

Let the percent commission earn be x%

Therefore, x% of the sales equals $1,953

We cross multiply

Divide both side by the coefficient of 'x' (65100)

Therefore, the percent commission earned is 3%

2. Interest (I) = $299  Principal (P) = $1300   Rate (R) = 7%

The formula for finding interest is given as:

Therefore, substituting into the formula, we have:

We are finding the time it takes the loan to earn an interest of $299

We cross-multiply:

Divide both side by the coefficient of T (9100)

Therefore, the time taken for the loan to earn such interest is approximately 3.29 years

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step-by-step explanation:

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