Homework Help is Here – Start Your Trial Now!
Business
Finance
Myron Sherzer, appliance sales. 8% commission on first $2200. 12% commission on sales over $2200. $4350 total sales. What is his total commission?

Myron Sherzer, appliance sales. 8% commission on first $2200. 12% commission on sales over $2200. $4350 total sales. What is his total commission?

Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
See similar textbooks
icon
Related questions
Question
**Problem: Calculating Total Commission** Myron Sherzer, an appliance salesperson, has the following commission structure: - 8% commission on the first $2200 of sales. - 12% commission on sales over $2200. Given that Myron's total sales amount to $4350, calculate his total commission. **Solution Approach:** 1. **Calculate Commission on the First $2200:** - Apply 8% commission rate to the first $2200. - Commission = $2200 x 0.08 2. **Calculate Commission on Sales Over $2200:** - Determine the amount over $2200. - Sales over $2200 = $4350 - $2200 - Apply 12% commission rate to this amount. - Commission = (Sales over $2200) x 0.12 3. **Calculate Total Commission:** - Total commission = Commission on first $2200 + Commission on sales over $2200. **Final Solution:** Perform the calculations to find out Myron Sherzer's total commission based on his sales performance and the given commission rates.
Transcribed Image Text:**Problem: Calculating Total Commission** Myron Sherzer, an appliance salesperson, has the following commission structure: - 8% commission on the first $2200 of sales. - 12% commission on sales over $2200. Given that Myron's total sales amount to $4350, calculate his total commission. **Solution Approach:** 1. **Calculate Commission on the First $2200:** - Apply 8% commission rate to the first $2200. - Commission = $2200 x 0.08 2. **Calculate Commission on Sales Over $2200:** - Determine the amount over $2200. - Sales over $2200 = $4350 - $2200 - Apply 12% commission rate to this amount. - Commission = (Sales over $2200) x 0.12 3. **Calculate Total Commission:** - Total commission = Commission on first $2200 + Commission on sales over $2200. **Final Solution:** Perform the calculations to find out Myron Sherzer's total commission based on his sales performance and the given commission rates.
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
Recommended textbooks for you
Essentials Of Investments
Essentials Of Investments
Finance
ISBN:
9781260013924
Author:
Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:
Mcgraw-hill Education,
FUNDAMENTALS OF CORPORATE FINANCE
FUNDAMENTALS OF CORPORATE FINANCE
Finance
ISBN:
9781260013962
Author:
BREALEY
Publisher:
RENT MCG
Financial Management: Theory & Practice
Financial Management: Theory & Practice
Finance
ISBN:
9781337909730
Author:
Brigham
Publisher:
Cengage
Foundations Of Finance
Foundations Of Finance
Finance
ISBN:
9780134897264
Author:
KEOWN, Arthur J., Martin, John D., PETTY, J. William
Publisher:
Pearson,
Fundamentals of Financial Management (MindTap Cou…
Fundamentals of Financial Management (MindTap Cou…
Finance
ISBN:
9781337395250
Author:
Eugene F. Brigham, Joel F. Houston
Publisher:
Cengage Learning
Corporate Finance (The Mcgraw-hill/Irwin Series i…
Corporate Finance (The Mcgraw-hill/Irwin Series i…
Finance
ISBN:
9780077861759
Author:
Stephen A. Ross Franco Modigliani Professor of Financial Economics Professor, Randolph W Westerfield Robert R. Dockson Deans Chair in Bus. Admin., Jeffrey Jaffe, Bradford D Jordan Professor
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS