Question

A banker earns a $75,000 annual salary, a 2.35% commission on any approved loans for the bank's business customers, and a fee of $3.75 for each application processed. If the banker has a total of $2.8 million in approved business loans and processes 2,750 applications this year, what are the banker's earnings rounded to the nearest dollar?

Answer 1

$15,1113

Explanation:

Given that the banker base annual salary $75,000

1. a 2.35% commission on $2.8 million is

=(2.35/100)*2,800,000

=0.0235*2,800,000

=$65800

2. a fee of $3.75 for each 2,750 applications processed

=3.75*2,750

=$10312.5

the banker's earning is $75,000+$65800+$10312.5

=$151112.5

to the nearest dollar

=$15,1113