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Math Help - Please help, I'm stuck

  1. #1
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    Please help, I'm stuck

    An insurance agent has just sold a large policy and will be paid a commission of $7359.06 in 30 days. A business associate offers to give him cash right now in exchange for the commission check when it arrives, for a fee of 3.25%.

    a. How much would the agent receive if he takes this deal?

    b. what simple interest rate would this be equivalent to paying?




    I got this far

    (.0325) (7359.06) = 239.16945

    D= MdT

    $239.17 = $7359.06 (d) (30/365)

    d= $604.85


    Simple Interest Rate

    I=PRT
    $239.17 = (6754.21) R (30/365)

    R=


    Please help, I need an answer fast!!!
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  2. #2
    is up to his old tricks again! Jhevon's Avatar
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    Quote Originally Posted by linda14522 View Post
    An insurance agent has just sold a large policy and will be paid a commission of $7359.06 in 30 days. A business associate offers to give him cash right now in exchange for the commission check when it arrives, for a fee of 3.25%.

    a. How much would the agent receive if he takes this deal?
    he would receive 96.75% of $7359.06, which is 0.9675*7359.06 = ....

    b. what simple interest rate would this be equivalent to paying?

    Simple Interest Rate

    I=PRT
    $239.17 = (7359.06) R (30/365)

    R=
    no, the principal here is $7359.06

    Now solve for R
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