Reference no: EM131083126
An auctioneer is paid an attendance fee of £150 for each auction conducted. For each auction, commission is also paid: 2% is paid on the first £10,000 of goods sold at that auction, and 2.75% is paid on the remaining sales at that auction.
In June, sales totals for each auction were as follows:
2 June 16 June 30 June
£8,500 £17,400 £10,240
(a) Calculate the auctioneer's total earnings from the three auctions.
Including other work, the auctioneer earned a total of £3,550 in June, before deductions.
She paid the following deductions:
Tax & National Insurance £722
Professional membership £28.50
Pension contributions 5% of gross earnings
(b) Calculate her net earnings in June after deductions.
For the month of June she pays £21.25 in interest on her overdraft, which had an average balance of £1,700.
(c) Calculate the annual percentage rate of interest on the overdraft.
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