You expect between 8% and 10% commission on each new deal. How would you calculate your minimum expected commission for your latest deal, which closed for $30,000?a. 0.1* $30,000  b. 0.08* $30,000  c. (0.1+0.08)* $30,000 d. 0.8* $30,000 e. (0.1+0.8)* $30,000

Solution: To calculate the minimum expected commission, you use the lower end of the commission range, which is 8%. Therefore, you multiply 8% (or 0.08) by the deal amount of $30,000. 
\(0.08\times 30,000= 2,400\)

Supplemental Knowledge

Calculating commissions involves understanding percentages and how they apply to a given amount. A commission is typically a percentage of the total sales amount. To find the commission, you multiply the sales amount by the commission rate (expressed as a decimal).
For example, if you have a 10% commission on a $50,000 deal, you would calculate it as follows:\(Commission= 0.10\times 50,000= 5,000\)

In your case, you are looking for the minimum expected commission on a$30,000 deal with an expected commission rate between 8% and 10%.

Applied Knowledge

Think about real estate agents who earn commissions based on property sales. If an agent sells a house for $500,000 and earns a 6% commission, they would calculate their earnings by multiplying $500,000 by 0.06 to get $30,000. Understanding how to calculate commissions helps professionals in various fields accurately determine their earnings from sales.

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