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2 years ago

7

Telemarketers receive $15 commission on all new customers they sign up for cell phone service through Movill Networks. Each tele

marketer works 40 hours. The company ran a competition this week to see who could sign up the most new people and the winner would get a bonus of $75. Because these employees are paid solely on commission, the employer must ensure that they earn the federal minimum wage for 40 hours each week. Required: Compute the gross pay for each of the following outbound sales representatives.

1 answer:

antiseptic1488 [7]2 years ago

8 0

Answer:

The gross pay of Kenny is $750.
The gross pay of Charles is $525.
The gross pay of Laurie is $855.
The gross pay of Hylis is $480.

Explanation:

As the data of the employers is not given here, a similar question is found , for which the data is attached herewith.

Now the minimum wage per week for $8 an hour is given as

Minimum Wage=40*$8=$240.

The gross pay of Kenny with 50 new customers is given as

$Gross Pay_{Kenny}=n*\$15\\Gross Pay_{Kenny}=50*\$15\\Gross Pay_{Kenny}=\$750$

So the gross pay of Kenny is $750.

The gross pay of Charles with 35 new customers is given as

$Gross Pay_{Charles}=n*\$15\\Gross Pay_{Charles}=35*\$15\\Gross Pay_{Charles}=\$525$

So the gross pay of Charles is $525.

The gross pay of Laurie with 52 new customers is given as

$Gross Pay_{Laurie}=n*\$15\\Gross Pay_{Laurie}=52*\$15\\Gross Pay_{Laurie}=\$780$

So the gross pay of Laurie is $780.

The gross pay of Hylis with 32 new customers is given as

$Gross Pay_{Hylis}=n*\$15\\Gross Pay_{Hylis}=32*\$15\\Gross Pay_{Hylis}=\$480$

So the gross pay of Hylis is $480.

As Laurie has the highest number of new customers, so she will receive a bonus of $75.

So the gross pay of Laurie is $780+$75=$855.

So the gross pays are given as

The gross pay of Kenny is $750.
The gross pay of Charles is $525.
The gross pay of Laurie is $855.
The gross pay of Hylis is $480.

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Answer:

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b. The monthly payment on loan 2 is $411.69.

Explanation:

a. Calculate the monthly payment on loan 1.

To determine the amount of periodic payments, the present value of annuity formula should be used:

$PV=P(\frac{1-(1+r)^{-n} }{r} )$

Where:

PV= present value

p=periodic payment

i=rate of interest

n=number of periods

We get the data for this exercise:

PV= 3,600 (loan).

p= unknown (we must find this value)

i= 6.6% or 0.066. However, because we need to know the monthly payment, the interest rate should be divided by 12 (0.066 / 12).

n= 4 years and 7 months, that is 55 months.

And we replace in the formula:

$3600=P(\frac{1-(1+\frac{0.066}{12})^{-55} }{\frac{0.066}{12} } )$

$3600=P(\frac{1-(1+0.055)^{-55} }{0.0055} )$

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$3600=P(47.348867)$

Therefore:

$P=\frac{3600}{47.348867}$

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b. Calculate the monthly payment on loan 2.

We get the data for this exercise:

PV= 11,600 (loan 2).

p= unknown (we must find this value)

i= 7.3% or 0.073. However, because we need to know the monthly payment, the interest rate should be divided by 12 (0.073 / 12).

n= 2 years and 7 months, that is 31 months.

And we replace in the formula:

$11600=P(\frac{1-(1+\frac{0.073}{12})^{-31} }{\frac{0.073}{12} } )$

$11600=P(\frac{1-(1+0.006083)^{-31} }{0.006083} )$

$11600=P(\frac{1-(0.8286047296)}{0.006083} )$

$11600=P(\frac{0.1713952704}{0.006083} )$

$11600=P(28.1761088936)$

Therefore:

$P=\frac{11600}{28.1761088936}$

$P=411.69$

The monthly payment on loan 2 is $411.69.

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<u>No</u>

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