A Kelvin receives a commission for every insurance policy he

A. Kelvin receives a commission for every insurance policy he sells. In 2006, he sold $156,000 worth of policies and received $7,020 in commissions. What is his rate of commission? b. There are 250,000 insurance agents in America. Of these, 24% drive Hyundais. How many agents drive Hyundais? c. Andrew paid $25,900 fora car in January of 2015 for which Jill paid $23,310 in December of 2015 at the year end sale. What was the percent decrease? d. A certificate of deposit for 4 years pays $728 in simple interest on a principal of $5,200. What is the annual interest rate of being paid on the deposit?

Solution

A. In 2006, Kevin sold $156,000 worth of policies and received $7,020 in commissions. Therefore, the rate of commission is ( 7020/156000)*100 % = 4.5 %.

B. The number of insuance agents driving Hyudais is 24 % of 250000 = 250000 *24/100 = 60000

C. Andrew paid $25,900 fora car in January of 2015 for which Jill paid $23,310 in December of 2015. The decrease is $ 25900 - $ 23310 = $ 2590. The percentage decrease is (2590/25900)* 100 % = 10%

D. A certificate of deposit for 4 years pays $728 in simple interest on a principal of $5,200. The rate of interest is (728/5200)*(1/4) * 100% = 3.5 % ( $ 728 is the interest on $ 5200 for 4 years, hence the rate of interest is interest for an year * 100 %)