Ellen works for a company that sells cars. Her monthly pay is
a salary of £1470
28% of the total profit the company makes from her sales
a £250 bonus if she sells at least 15 cars.

The table shows information about the cars she sold last year.
Total cost
to the company
Total income
for the company
Number of months when
she sold at least 15 cars
£464 500
£538 000
3
Was Ellen's total pay for the year more than £40 000?
You must show your working.
[6 marks]

answer: the value should be used for i in the formula of calculation the monthly payment , the interest rate per period is 0.85.

step-by-step explanation:

the given rate of interest i= 85%

in calculating the monthly payment for a loan with an interest rate compounded monthly, the value of the interest rate per period we use in the formula must be in decimal form.

to convert it in decimal, we divide it by 100, we get

hence, the value should be used for i in the formula of calculation the monthly payment , the interest rate per period is 0.85.

step-by-step explanation:

step-by-step explanation:

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