Final Answer:
The insurance broker will receive a total pay of $8,826.20 in a month in which he sold $80,965 worth of insurance policies.
Step-by-step explanation:
The insurance broker receives a monthly salary of $3,460 plus a commission of 10.5% on all sales. To compute total pay for a month in which he sold $80,965 worth of insurance policies, the insurance broker’s commission must be calculated. The commission is calculated by taking the total sales for the month and multiplying it by the commission rate.
In this case, the total sales for the month are $80,965. The commission rate is 10.5%. Therefore, the commission is calculated by multiplying $80,965 by 10.5%, which equals $8,466.20.
The total pay is calculated by adding the monthly salary of $3,460 to the commission of $8,466.20. This equals $8,826.20. Therefore, the insurance broker will receive a total pay of $8,826.20 in a month in which he sold $80,965 worth of insurance policies.