Ezequiel made an installment sale of Php21,000 monthly for 3 years. The company promised him of 6.2% commission on this sale. How much will be his monthly commission?
Question
Ezequiel made an installment sale of Php21,000 monthly for 3 years. The company promised him of 6.2% commission on this sale. How much will be his monthly commission?
Solution
To calculate Ezequiel's monthly commission, follow these steps:
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First, identify the total sale amount. Since Ezequiel made an installment sale of Php21,000 monthly for 3 years, you need to multiply Php21,000 by the total number of months in 3 years. There are 12 months in a year, so 3 years is 36 months. Therefore, the total sale amount is Php21,000 * 36 = Php756,000.
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Next, calculate the commission. The company promised him a 6.2% commission on this sale. To find this, multiply the total sale amount by the commission rate (in decimal form). So, Php756,000 * 0.062 = Php46,872.
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Finally, to find out his monthly commission, divide the total commission by the total number of months. So, Php46,872 / 36 = Php1,302.
Therefore, Ezequiel's monthly commission will be Php1,302.
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