Question

Martin works for a cell phone retailer. He receives a monthly base salary of $2500 and he has a monthly sales quota of $5000. He is paid a commission of 5% on the next $5000 in sales and 10% on any additional sales. What were his gross earnings if he had sales amounting to $40,500?

Answer 1

Answer:

Debt payments of $1500.00 due today, $725.00 due in 101 days and $670.00 due in 296 days respectively are to be combined into a single payment to be made 170 days from now. What is that single payment, if money is worth 5% p.a. and the agreed focal date is 170 days from now. Round to the nearest cent.