Question 1190113: A real estate company sells its premium house model at 2,500,00.00 Php. One can pay it in cash or installment basis where in a buyer is required to make a down payment and pay the balance with interest for a period of not more than 10 years. Down payment is 25% of contract price. Monthly installment is 30,000.00 Php for 10 years. However, a sales agent found a customer who is interested to buy a premium house model.
1.) What is the total commission if the sales agent earns 3% of down payment and 1% of the monthly installments for 10 years?
Answer by Theo(13342)   (Show Source):
You can put this solution on YOUR website! price of the house is 2,500,000 php.
down payment is 25% of the sale price = 625,000 php.
monthly installment is 30,000 php for 10 years.
10 years * 12 months per year = 120 monthly installments of 30,000.
salesman earns 3% of the down payment and 1% of the monthly installments = .03 * 625,000 + .01 * 30,000 * 120 = 54,750 php.
let me know if you have any questions.
theo
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